Multiple-step income statement
Identify the errors in the following income statement:
Multi step income statement: A multiple step income statement refers to the income statement that shows the operating and non-operating activities of the business under separate head. In different steps of the multi-step income statement, principal operating activities are reported that starts from the record of sales revenue with all contra sales revenue account like sales returns, allowances and sales discounts.
To Identify: The errors in the income statement of Company C.
Prepare the correct multi-step income statement of Company C.
Company C | ||
Income Statement | ||
Year Ended August 31, 2016 | ||
Particulars | Amount ($) | Amount ($) |
Sales Revenue | ... |
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