Condensed Income Statements - must give their attention to...

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Condensed Income Statements In some cases a single income statement cannot possibly present all the desired expense detail. To solve this problem, a company includes only the totals of expense groups in the statement of income. It then also prepares supplementary schedules to support the totals. This format may thus reduce the income statement itself to a few lines on a single sheet. For this reason, readers who wish to study all the reported data on operations
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Unformatted text preview: must give their attention to the supporting schedules. For example, consider the income statement shown in Illustration 4-3 for Dan Deines Company. This statement is a condensed version of the more detailed multiple-step statement presented earlier. It is more representative of the type found in practice....
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