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In this video we're going to talk about how to create a single step income statement so a single step income statement just has one step we take all the revenues that the firm has, and then we subtract all the expenses that the firm has and that gives us net income, so that's why we call it single step there's just one step just revenues minus expenses equals net income so let's do an example with an adjusted trial balance and let's put together a single step income statement, so we've got a company here called Gator world it's a petting zoo for alligators, and we've got an adjusted trial balance, so we've made all the adjusting journal entries already, and it's as of December 31st 2018, and we have all these different accounts, and we need to figure out which ones are going to go on our income statement, so we only want revenues and expenses right so service revenue rent revenue selling expense cost of goods sold rent expense GA expense interest expense depreciation expense and bad debt expense all of these accounts are going to go in our income statement the other accounts we have cash receivables those go on a balance sheet those don't belong on the income statement so let's put together our income statement, so first we're going to say Gator world which is the name of our company Gator world income statement sometimes you see a called statement of operations income statement and this is going to be for the year ended for the year and did 12 31 18 it could have been for a quarter right you can make an income statement for a quarter, but we're just going to assume in this example that it was for the year of 2018 we're putting together our income statement for Gator world so with our single step method again all we do is first we say okay what are all the revenues what are all the revenues so with the revenues we're going to have we've got the service revenue, and we've got rent revenue, so we'll say service revenue, and then we've got rent and so those amounts are we've got ninety-three thousand and service revenue and then thirteen thousand and rent revenue the order of these doesn't matter we're just laundry listing the revenues and so then the total revenues is going to be a hundred and six thousand dollars now we go on to expenses so far our expenses we have selling expense of twenty-three thousand, so we've got selling is twenty-three thousand, and then we've got cost of goods sold I'll just abbreviate as cogs that's fifteen thousand, and then we have rent expense of nine thousand and then RNA expense RNA salaries and so forth 23500 interest expense of five hundred and a space interest expense of five hundred depreciation is four hundred just abbreviate that and then bad debt, so we've got some bad debt expense of sixteen hundred dollars now our total expenses if we were to add up all our expenses we will have seventy-three thousand in expenses, so this is our total expenses and then at the top we have our total revenues and so all we do...
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