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Video instructions and help with filling out and completing Income statement template word
In this video we're going to talk about how to create a single step income statement so a single step income statement just has one step we take all the revenues that the firm has and then we subtract all the expenses that the firm has and that gives us net income so that's why we call it single step there's just one step just revenues minus expenses equals net income so let's do an example with an adjusted trial balance and let's put together a single step income statement so we've got a company here called Gator world it's a petting zoo for alligators and we've got an adjusted trial balance so we've made all the adjusting journal entries already and it's as of December 31st 2022 and we have all these different accounts and we need to figure out which ones are gonna go on our income statement so we only want revenues and expenses right so service revenue rent revenue selling expense cost of goods sold rent expense GA expense interest expense depreciation expense and bad debt expense all of these accounts are gonna go in our income statement the other accounts we have cash receivables those go on a balance sheet those don't belong on the income statement so let's put together our income statement so first we're gonna say Gator world which is the name of our company Gator world income statement sometimes you see a called statement of operations income statement and this is going to be for the year ended for the year and did 12 31 18 it could have been for a quarter right you can make an income statement for a quarter but we're just going to assume in this example that it was for the year of 2022 we're putting together our income statement for Gator world so with our single step method again all we do is first we say okay what are all the revenues what are all the revenues so with the revenues we're gonna have we've got the service revenue and we've got rent revenue so we'll say service revenue and then we've got rent and so those amounts are we've got ninety three thousand and service revenue and then thirteen thousand and rent revenue the order of these doesn't matter we're just laundry listing the revenues and so then the total revenues is going to be a hundred and six thousand dollars now we go on to expenses so far our expenses we have selling expense of twenty three thousand so we've got selling is twenty three thousand and then we've got cost of goods sold I'll just abbreviate as cogs that's fifteen thousand and then we have rent expense of nine thousand and then GNA expense GNA salaries and so forth 23500 interest expense interest expense of five hundred and a space interest expense of five hundred depreciation is four hundred just abbreviate that and then bad debt so we've got some.