Chapter 4, Problem 19E

Summary Introduction

Concept introduction:

There are two ways to present an income statement: single-step and multi-step. In the single-step income statement, all the expenses are shown under a single heading and net income is calculated in one step. In the multi-step income statement the net income is calculated after showing multiple steps due to the bifurcation of expenses. 

To prepare: the income statement for the company.