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Cornerstones of Financial Accounti...
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Cornerstones of Financial Accounti...
Cornerstone Exercise 3-24 Preparing an Income Statement
Refer to the information for Sparrow Company on the previous page.
Required:
Prepare a single-step income statement for Sparrow for 2019.
Concept Introduction:
Income Statement:
Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.
There are two ways to present and income statement: 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.
To Prepare:
The Single step income statement.
There are two ways to present and income statement: 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. The Single step income statement is prepared as follows:
| Sparrow Company | ||
| Single Step Income Statement | ||
| For the year ended Dec. 31, 2019 | ||
| Revenue: | ||
| Sales revenue | $ 99,600 | |
| Total Revenue | $ 99... | |
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