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In this tutorial, we learn how to create a profit and loss statement from raw data. The first step is to identify income and expenses, noting that there is one source of income and various expenses. The presenter suggests color-coding the income and expenses for clarity. A basic approach involves listing the income and subtracting expenses to calculate profit. Traditionally, the cost of goods sold is deducted first, followed by other expenses. The tutorial aims to guide viewers from a blank slate to completing the profit and loss statement, providing a structured method for bookkeeping.
