How do you write an income and expense statement?

To write an income statement and report the profits your small business is generating, follow these accounting steps:

  1. Pick a Reporting Period.
  2. Generate a Trial Balance Report.
  3. Calculate Your Revenue.
  4. Determine Cost of Goods Sold.
  5. Calculate the Gross Margin.
  6. Include Operating Expenses.
  7. Calculate Your Income.

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