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in this video were 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 thats why we call it single step theres just one step just revenues minus expenses equals net income so lets do an example with an adjusted trial balance and lets put together a single step income statement so weve got a company here called Gator world its a petting zoo for alligators and weve got an adjusted trial balance so weve made all the adjusting journal entries already and its as of December 31st 2018 and we have all these different accounts and we need to figure out which ones are gonna 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 a
