Accounting Examples
Accounting Examples - Income Statement


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Income Statement

The income statement reports a company's income or loss for a specific period.  It lists revenues and subtracts from them the period's expenses. A positive balance results in an income and a negative balance indicates a loss.  In the example below revenues of $6,000 minus expenses of $3,000 results in a net income of $3,000. This figure is used on the Statement of Owner's Equity.

Your Business Name 

Income Statement

For Month Ended June 30, 20XX


Net sales


Rental revenue



Total revenues




Wages expense


Cost of goods sold


Utilities expense


Supplies expense


Total operating expenses

Net income/loss $3,000.00


There are two formats commonly used to prepare income statements - the single-step and multiple-step. The example above is a single-step income statement. It consists of just two sections: revenues and expenses. Expenses are deducted from revenues in a single-step to find net income or loss.

In a multiple-step income statement, the results of transactions are shown in sections separating operating activities from non-operating activities. In addition, it classifies expenses by function. For example, selling expenses are shown separate from administrative expenses. If the company experienced extraordinary items or discontinued a segment of operations, they are also shown in different sections.

For professionally created examples of single- and multiple-step income statements for corporations and sole proprietorships, we recommend The Master Set of 80 Business Forms. The set includes filled-in forms designed to give you a complete understanding of how each form works as well as blank forms for use in your own business or for practicing income statement preparation.

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