we make up our own numbers

a. The Second year's Income Statement - Multiple Step, must have at least the following accounts and may have others 1. Sales and/or Service Revenue II. Returns and allowances lii. Sales Discounts 7. Cost of goods sold V. Expenses 1. Rent Expense 2. Utility Expense ho 3. Salary Expense 4. Insurance Expense 5. Depreciation Expense 6. Interest Expense 7. Income tax expense vi. Net Income