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