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Preparing a financial statement is not an easy feat and is often made more complex by the constant change in financial reporting and accounting rules. There are specific standards and formats in which you must report financial information. This blog will explain what you need to know about financial statement preparation.

Income Statement
The income statement reveals how much revenue the company has earned during a specific period.

Sales. This includes any sales tax and other fees associated with these transactions and any discounts offered to customers who buy in bulk or pay before receiving their order.
Cost of goods sold (COGS). The amount you spent on the materials needed to create those products or services sold during the reporting period (i.e., if you're making sweaters, this would include what it costs for wool, needles, thread, etc.).
https://blog.imarticus.org/10-....things-you-need-to-k