Question

The first step in preparing an income statement is to

• A. gather information on sales and income
• B. report service revenue, sales, and professional fees
C. add revenue and expenses to determine net income
• D. report mortgage payments, utilities, and service supplies
SUBMIT

Answer 1

The answer is B. report service revenue, sales, and professional fees

Step-by-step explanation:

• Pick a Reporting Period. The first step in preparing an income statement is to choose the reporting period your report will cover.