How do you create a balance sheet and income statement and also how do you calculate the net income?

Answer 1

balance sheet is generally prepared to know the financial position at given point of time.It consists of two coloumns namely LIABILITIES and ASSETS.
liabilities are something like your sources of funds(like capital,loan borrowed,ceditors etc)
assets are something like your application of funds.(like land,buildings,securities purchased out of your source)
so the common rule is that your balance sheet should at last tally.ie LIABILITIES=ASSETS.

net income can be obtained by deducting the total expences from the total income earned during a given period.This is shown by an income statement.

Answer 2

A balance sheet is a list of assets from short term to long term then a total. Then a list of all liabilities from short term to long term, then a total. The difference is your or your companies net worth.
Net income is sales minus all the cost of sales for a given period this includes non cash expenses like depreciation to get to your net income.

Answer 3

No, the SEC requires full disclosure on public companies so their statements will always be somewhat complex.

Answer 4

These are simple lists.
I like to use a computer spreadsheet.