How to Prepare an Income Statement (Step by Step)

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In today's video, I will show you how to prepare an income statement.

Income statements track revenues and expenses for a business. This statement helps businesses understand their income and profit. There are all types of expenses from wages expense to cost of goods sold. This statement can be tricky so make sure to watch the entire series to understand how to make an income statement step by step.

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Comment Below if you have any questions!🔥

[leighsmobilegames]

Sir you are a blessing🙌🏽 You did what my lecturer couldn’t explain in a three hour class in less than 9 mins😌

[cjvswish]

Can’t wait to sit and finally do my Assignment that’s due soon. I been stressing cause i didn’t know how to get started. You’re a blessing🙏🏾

[ondinamendoza]

Do you have a template of all the statements all linked together? Income, balance and cash flow. Would be so appreciative!

[saddestdayever]

Hi! I am currently enrolled in Managerial Accounting but we are doing a review for Financial Accounting and we have a test tonight on the income statement! Video definitely helped so thank you!

[EmmanuelOnitheoneandoni]

Thank you, Sir. This is the next step now that I have an rough idea how to read an income statement

[annmaryabraham]

this was super helpful! thanks, (3:01 )btw gross profit is called gross profit since it originates from the german word "gross" which means "big" so it's like "big profit"

[bostonterrier]

Do you have a video of how to put together a trial balance sheet? Is it necessary to create one of these if you have an accounting software that keeps track of everything for you?

[MohamedElzorry]

Thank you broo
You have ability to assist the information very easily ❤

[lkwndcr]

Hey nice work Keep it up we want more content from you

[accountingforbeginners]

Income statement simplify, good, well done

[MrKhan]

Your video is very informative really appreciated work

[WrightsOrganic]

That was perfect. Now if this video didn’t exist, how would I find out this information and how to format this on my own? Do you have any good recommendations on books or any information I can read. I read one accounting book but it didn’t have anything about formatting the three statements. Thanks!

[raguljayakumar]

It's amazing experience though iam an accountant feeling a free time to watch this series which has a valuable thing to learn... Thankssss

[stephhodge]

would be nice if we would see the adjusted trial balance while you're doing the entries on the income statement.

[judyl.]

1:34 sales revenue is the first thing on income statement.
2:09 COGS if you're a manufacturing firm. lets assume it's a manufacturing firm.
The difference is the gross profit.

[patricktan]

What about bad debts? Are they classified under operating expenses as well?

[cheez_its_are_legendary]

Thanks for this video, I need this for my 6th grade business assignment and i haven’t been able to figure out how to do this part 😭

[fel]

Thanks for explaining so well! I was also looking for an explanation for how to prepare a statement of changes in equity but couldn't find anything on your channel :( Do you know if you will be posting a video covering that topic?

[ksamix]

could we add the drawing account as part of expences?

[MG-uijk]

my case here is I am confusing how to divided net profit to get stock dividend and retained earning