Response to the following :
It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:
? A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items
? Basic financial statements for your company
Individual Portion:
1. Visit the SEC's Web site, if link does not work do Sec.gov
? Select a company filing of your choice that contains a multiple-step income statement.
? Communicate your selection with your group (each of you should submit a different company).
? Submit the link to this filing as proof of your research.
2. Prepare a process documentation that
? is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.
? is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
? includes the following elements:
¦ a definition and description of the specific sections of the income statement
¦ a description of the different methods of preparing income statements
¦ an explanation of the conceptual guidelines for reporting income
¦ how to handle the special types of income statement items.