Wednesday, March 2, 2011

Income statement accounting help?

A multiple step income statement has the same information as a report style income statement, it's just broken down into different categories. So in answer to what belongs on it, only revenues and expenses. Assets, Liabilities, and Equity accounts, such as Retained Earnings and Bonds Payable are not recorded on the income statement. At the source below is a good example of a multple step income statement.

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