The ABSOLUTE BEST Way to Prepare a Multiple-Step Income Statement

Today I will show you how to prepare a multiple-step income statement from the provided balances.
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Timeline:
00:00 Introduction
00:18 Trial Balance to Be Used for Financial Statement Preparation
00:31 What is a Multiple-Step Income Statement?
01:07 EXAMPLE: Go Over Accounts and Select Accounts that Belong to the Income Statement
01:50 Revenue
02:24 Cost of Goods Sold
02:40 Gross Profit
02:55 Operating Expenses (OPEX)
03:34 Operating Income
03:58 Other Income and Expenses
04:25 Income Before Income Taxes
04:37 Income Tax Expense
05:01 Net Income
05:35 Income Statement
05:51 Net Income per Share
06:47 Recommended Videos and Playlists

The textbook used in this video: Intermediate Accounting, Kieso ● Weygandt ● Warfield, 17th edition. Chapter 4 (18th edition. Chapter 3).

Additional resources:

American Modern School of Accounting is a nonprofit online vocational school that offers several programs to help adult learners to start or advance their careers in bookkeeping and accounting.
We offer the following programs:
• Certificate in Computerized Accounting with QuickBooks
• Certificate in Computerized Bookkeeping with QuickBooks
• Certificate in Computerized Bookkeeping with QuickBooks (Budget Plan)

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