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To build an income statement, start by totaling your revenues for the year and subtracting your cost of goods sold to find your gross profit. Then, account for other expenses such as payroll, rent, advertising, and office costs. Subtract these general and administrative expenses from your gross profit to calculate your net income. For further analysis, calculate the percentage of each expense by dividing it by revenue to see exactly where your money goes. If you are satisfied with the net income, you can conclude that you have a profitable business.
