Prepare an Income Statement for a construction company.All the components of the Income Statement must be considered. The Income Statement includes the revenues, expenses, and profits (or losses) of an entity over a specified period of time. The income statement summarizes the revenues and expenses generated by the company over the entire reporting period. The Income Statement is a description of the entity's profitability over a period of time (usually quarterly or annually). Prepare the Income Statement on an annual basis.