Most companies use January 1 to December 31 for their fiscal year. Their fiscal year equals the calendar year. Sometimes, however, companies may choose to select a twelve-month period other than the calendar year. Basically, it is just important to note that fiscal year does not always mean calendar year. Fixed Costs are any costs or expenses that don't vary too much with changes in the volume of operations over a specified time.
Rent expense is usually a fixed expense.
However, no cost is fixed over the long-term . An Income Statement shows sales, expenses, and profits or losses for a certain period of time. The income statement and balance sheet are the two most important financial statements. Inventory is the value of goods that you've made or purchased for resale. Operating Expenses are expenses which are paid from the gross profits of the company.