In this week’s Discussion, refer back to the financial report that you have used in Discussions each week so far. Locate the income statement. What information does it provide? Is it useful?Write at least 200 words addressing the following points:
•Identify the type of income statement: Is it a single-step or multiple-step income statement?
•Are there any extraordinary items or discontinued operations on the income statement?
•If your statement is a single-step income statement, refer now to Appendix A of your course text. Use the multiple-step income statement there and use that statement to answer the following questions.
•What information is provided to users in the multiple-step income statements that is useful for decision-making?
•How does management decide what category to use to classify a revenue/gain or expense/loss?
•Review and identify which notes to the financial statements specifically relate to income statement accounts.
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