To prepare an income statement, you will need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize your income statement with business details and the reporting period.
If you can't find the time to make one from scratch, there are templates that can be used to help.
gross margin : the amount of money a company retains after incurring the direct costs associated with producing the goods it sells and the services it provides.
net income : net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses.
Debited to the inventory account.
Hope this helps!
First Identity the primary activities
Then goes select an allocation
Followed by calculating an activity
And finally allocate the costs
Hope this helps
Rent and utility payments: In most cases, your rent payments and your utility payments are not reported to the credit bureaus, so they do not count toward your score.
