Get personal help with your studies from any of the 45,000 experienced experts on Studybay

  • No intermediaries
  • No plagiarism
  • Any Subject
  • Always on time

Here’s an example of project completed by our experts:

Preparing a Multiple‐Step Income Statement (Example)

Document Preview:

Name Tutor Institution Date The Simon Company Income Statement Explanation An income statement report is an essential part of analysis to a company as it acts as one of the brief reports regarding the company's performance over a specific period. The financial results are assessed by capturing the summary of expenses revenues through operating and non-operating business activities during a specified accounting period. It is a report from which crucial and significant decisions are made regarding the performance of add the revenues $22000 that is $119000+$22000=$141000 as required. This is later subjected to the tax rate indicated as 25% and hence later transferred to the balance sheet. The tax deduction was given as 0.25*141000=$35250. To find now the final income we less this deduction that is $141000-$35250=$105750. This value is to be constituted in on the balance sheet. We can say that this company is among the good performing companies in a given economy from the calculations above. [...]

Order Description:

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 $850,000 Other revenues 22,000 872,000 Cost of goods sold 555,000 Gross profit 317,000 Operating expenses Selling expenses 109,000 Administrative expenses 103,000 212,000 Net earnings $105,000 As an experienced, knowledgeable accountant, you review the statement and determine the following facts: Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000. Other revenues consist of sales discounts $18,000 and rent revenue $4,000. Selling expenses consist of salespersons' salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018. 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.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $15

Words 550

Pages 2

Completed in 2 days

Expert Tina Walter

Client Review

Great Work

Positive
02.05.2017

Similar projects

Subject of the project is Accounting   Type of the project is Paraphrasing

Accounting project

Subject of the project is Accounting   Type of the project is Paraphrasing

Leases

Subject of the project is Accounting   Type of the project is Paraphrasing

Audit Report Modifications

Need Help With a Project on This or Another Topic?

Cooperate with seasoned experts directly — create your project now and start getting help in 2 minutes.

Studybay top experts

Reviews from Studybay Community

  • Our Studybay rating is:
    4.9
  • Our ReviewCentre rating is:
    4.8
  • Our SiteJabber rating is:
    4.5