Sponsored Link

the Single-Step Income Statement

The simplest format of an income statement is the single-step, where you present a single subtotal for all revenue line items, and a single subtotal for all expense line items, with a net gain or loss appearing at the bottom of the report. The primary advantage is its simple presentation and the absence of detail, it also prevents any possible misclassification of items.

Entity Name
Income Statement
For the period Ended date
Net Sales 4,060,552
Dividend revenue 57,263
Rent revenue 52,445
Total revenues 4,170,260
Cost of goods sold 2,689,354
Selling expenses 603,936
Administrative expenses 346,327
Interest expense 188,655
Income tax 133,375
Total expenses 3,961,647
Net Income $ 208,613
Earnings per common share $ 1.80