Create a simple Profit and Loss Statement for the first two years of your dream company following the income statement format. (This is to be created from scratch for the first two years of your own company, do not copy a company from the internet). (We will use this company next week to create a balance sheet and cash flow statement.) Explain how you calculated revenue for year one (I want to see the numbers you use) and then explain how it changes for year two. Explain how cost of goods sold (if required, service companies may not have COGS), and operating expenses (list all the accounts you use for expenses) are calculated for year one and explain changes for each account in order to report the year two numbers. Analyze the revenue items based on information collected and make adjustments. The start for your income statement is calculating revenue. Provide calculations and explanations for how you calculated revenue, cost of goods sold (if required), and operating expenses. The profit and loss statement can be included in your Word document or submitted in a separate Excel file. Conduct an internet search for an income statement template or use the example located in the textbook as a template for your income statement.
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