Purpose of Assignment
The purpose of this assignment is to help you become familiar with the parts of the multiple-step 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 .
SIMON COMPANY
Income Statement
For the Year Ended December 31 , 2017
Revenues
Net sales $ 850,0 00
Other revenues 22,000