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: 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. |
Archives
December 2019
Categories
All
AuthorMy 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. |
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. |
Contact UsSTAY CONNECTEDNEWS & TIPS IN YOUR INBOX
|