Watch here video from Accounting Basic topic - Income Statement Template.
Income Statement Template depends on which type of this statement we select. There are two basic types:
Single step - such statement has only two groupings: Revenues and Expenses. Net profit or loss is calculated by deducting from total Revenue amount total Expenses amount. Revenues and Expenses from all the activities of the entity are not separated
Multiple step - such statement separates results from different activities and provided different classes of expenses. In this statement we will have Sales Revenue, Cost of Goods Sold, Gross Profit, Selling & Administrative Expenses or Operating Expenses and other separately disclosed items.
In the video below you can find single step Income Statement Template.
Watch Accounting Basic- Income Statement Template video below:
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