Though the key elements of the income statement can be summarized as simply all the firm’s revenues and expenses, how would you describe the elements of the income statement in more detail? Assume you were consulting for a friend who owns a small dairy farm. What items would you expect to see on their income statement? Make a list and be as detailed as you can. Curious if your list is accurate? Consider doing an online search to find an income statement for a dairy farm or similar business. Compare its income statement to your list to see if you had the right idea.