Accounting & Operations Outsourcing Firm
  • Welcome
  • About
  • Blog
  • Contact
  • Operations Solutions
  • Accounting Solutions
  • Shop Solutions
  • Welcome
  • About
  • Blog
  • Contact
  • Operations Solutions
  • Accounting Solutions
  • Shop Solutions
Search

Accounting & Operations Blogger

What is a Single Step Income Statement?

3/31/2016

0 Comments

 
Picture
Some companies use a single-step income statement, which totals revenues and gains (sales, other income, etc.) and then deducts total expenses and losses (cost of goods sold, operating expenses, other expenses, etc.).  A simplified single-step income statement is similar to below:
Picture
As an owner responsible for the creation of your financial statements, it key to understand the set-up of your companies income statement.

​This example, shows all revenues and gains and then lists all expenses and losses.  Total expenses and loss items deducted from total revenue and gain items determine the net income.
Ideas are easy.  Implementation is hard." - Gary Kawasaki, founder of AllTop
Source:  Financial Reporting and Analysis 12E
0 Comments



Leave a Reply.

       get our Accounting & operations Tips and News in your Inbox 

    Subscribe Today

    Archives

    December 2019
    November 2019
    September 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    February 2018
    December 2017
    November 2017
    August 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Accounting
    Accounting Education
    Accounting Solutions
    Account Reconciliations
    Business Solutions
    Entrepreneur News
    Newsletter
    Oil And Gas
    Policies & Procedures



    Author

    My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.  


      Sign up for our email newsletter

    Subscribe

    RSS Feed

We Work to Provide Unique Solutions

"Our team of innovative professionals use their knowledge and experience to set your business and team of professionals  up for success.  Our extensive accounting and operations skills are a start and  key tools to company growth, building team cohesiveness, establishing clear purpose and goals, and improving process  inefficiencies.  Our services are key to businesses of all sizes.  We handle providing the detail framework to your business so that you may focus on building your business.

We also additional services and support with monthly  operational and accounting task, reconciliation and training."

Contact Us

STAY CONNECTED

NEWS & TIPS IN YOUR INBOX
JOIN IN NOW
Photo used under Creative Commons from Rennett Stowe
  • Welcome
  • About
  • Blog
  • Contact
  • Operations Solutions
  • Accounting Solutions
  • Shop Solutions