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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 (http://idea.sec.gov/idea/searchidea/companysearch_idea.html) 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