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in our last video we talked about how to put together a single step income statement and basically what we did was we took all our revenues and we subtracted all our expenses and that gave us our net income but the problem with that was that we just laundry listed all our revenues and all our expenses and we didnt take the time to break them into different categories which might be informative about telling us which types of expenses are likely to recur in future periods right so if you have a one-time gain or loss on the sale of an asset you might not expect that to recur the next year whereas if you have revenue thats from sale that would be expected to recur year after year because thats all fur makes money by selling products or services so lets put together a multi-step income statement and well compare and contrast how it relates to a single step income statement so Ive got a list of accounts here for you and were going to use these accounts to create a multi-step income s
