Purpose of Assignment
The purpose of this assignment is to help you become familiar with the parts of the multiplestep 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.
As an experienced knowledgeable accountant you review the statement and determine the following facts:
Preparea detailed multi-step income statement assuming a 25% tax rate.Write a brief explanation of 200 to 350 words on how the experienced accountant was able to determine the facts noted in the instructions. This explanation should be included on the Excel Worksheet provided in correct sentence structure.
Show your work on the Excel spreadsheet and submit with your explanation.

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