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MBA, PHD
Phoniex
Jul-2007 - Jun-2012
Corportae Manager
ChevronTexaco Corporation
Feb-2009 - Nov-2016
I have attached the docs needed for this question.
Purpose of Assignment
The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement.
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 |
|
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:
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.
Attachments:
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