Having some trouble creating the income statement. Can someone please help! Sales- Cost of Goods Sold: Finished goods inventory, Jan 1 2014- Cost of goods manufactured- Cost of finished goods available- Less finished goods inventory- Cost of Goods sold- Gross Profit- Operating Expenses: Administrative expenses: Office Salaries Expense- Depreciation expense-office equipment- Property taxes-office building- Selling Expenses: Advertising expense- Sales salaries expense- Total operating expenses: Net income- Solution The income statement is the small business owner .