What are the steps to prepare an income statement?

How to prepare an income statement

  1. Step 1: Print the Trial Balance.
  2. Step 2: Determine the Revenue Amount.
  3. Step 3: Determine the Cost of Goods Sold Amount.
  4. Step 4: Calculate the Gross Margin.
  5. Step 5: Determine Operating Expenses.
  6. Step 6: Calculate Income.
  7. Step 7: Calculate the Income Tax.
  8. Step 8: Calculate Net Income.

Jan 5, 2021

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