The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement.
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.
For the Year Ended December 31, 2017
Cost of goods sold
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.
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