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Prepare income statement from trial balance example. Once you have prepared the adjusted trial balance you are ready to prepare the financial statements. The layout of the trial balance is quite simple easy to read and just makes a lot of sense. If an income statement is prepared before an entity s year end or before adjusting entries discussed in future lessons it is called an interim income statement. To prepare an income statement generate a trial balance report calculate your revenue determine the cost of goods sold calculate the gross margin include operating expenses calculate your income include income taxes calculate net income and lastly finalize your income statement with business details and the reporting period.
Preparing financial statements is the seventh step in the accounting cycle. Green as at 31 march 2015. Preparation of balance sheet horizontal and vertical style. The trial balance is prepared after all of the current period s transactions have been journalized and posted to the general ledger and as we mentioned above before the balance sheet and income statement.
Remember that we have four financial statements to prepare. Green as at 31 march 2015 in both horizontal and vertical style. The income statement is prepared using the revenue and expense accounts from the trial balance.
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