Get Condensed Consolidated Income Statement Star Publications Malaysia Berhad Form

A single-step income statement offers a simple report of a business's profit, using a single equation to calculate net income. A multi-step income statement, on the other hand, separates operational revenues and expenses from non-operational ones and follows a three-step process to calculate net income.

A condensed income statement is one that summarizes much of the income statement detail into a few captions and amounts. For example, a retailer's condensed income statement will summarize hundreds of categories of sales into one amount with the description Net Sales.

The income statement can be presented in a “one-step” or “two-step” format. In a “one-step” format, revenues and gains are grouped together, and expenses and losses are grouped together. These amounts are then totaled to show net income or loss.

03 Condensed financial statements are presented in considerably less detail than complete financial statements that are intended to present financial position, results of operations, and cash flows in conformity with generally accepted accounting principles.

A condensed income statement is one that summarizes much of the income statement detail into a few captions and amounts. For example, a retailer's condensed income statement will summarize hundreds of categories of sales into one amount with the description Net Sales.