Accounting Cycle Step 7: Single-Step Income Statement
Channel: ProfAlldredge
Date: 2014-12-09

Preparing financial statements is the 7th step in the accounting cycle.  The information comes from the adjusted trial balance.  The financial statements are prepared in the following order: 1) Income Statement, 2) Statement of Retained Earnings (or Statement of Owner's Equity for sole-proprietorship business, 3) Classified Balance Sheet, and 4) Statement of Cash Flows, although this is rarely prepared in a beginning financial accounting course as students haven't learned enough yet to properly prepare one. 
This video shows how to prepare a single-step income statement, most commonly used by service firms. 
@ProfAlldredge 
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