Chapter 13, Problem P13.50BPGB

To determine

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Operating and non-operating items:

Operating items in multi-step income statement includes the items related to day to day business activities, like revenues from sale of product or services and expenses for production, administration and selling. All other items are considered as non-operating items like Income from discontinued operations, loss due to fire etc.

To indicate:

The multi-step income statement for Arizona Motorsport for the fiscal year ended November 30, 2018