Purpose of Assignment
The purpose of this assignment is to help you become familiar with the parts of the multiplestep income statement.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company a retail firm that has been in business for a number of years.
As an experienced knowledgeable accountant you review the statement and determine the following facts:
Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate.
Show your work on the Excel spreadsheet and submit with your explanation.