By using a sample of 1st-year undergraduate business students, this study dealt with the development of simple (deterministic and non-optimization) spreadsheet models of income statements within an introductory course on business informatics. The study examined students' errors in doing this for business situations of their choice and found three kinds of errors: errors in selecting variables, errors in initializing variables, and errors in relating variables. This article describes these errors, discusses possible reasons for them from different research perspectives, and gives suggestions for further practice and research. These perspectives dealt with modeling with spreadsheets, spreadsheets as mindtools, and errors in operational spreadsheets. The article is primarily directed to teachers of modeling with spreadsheets, interested in taking a broader view of the subject. (Contains 1 screenshot.)