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Im Larry Walther, and this is PrinciplesofAccounting.com Chapter 5. In this particular module, well now look at enhancements to the income statement for a merchandising business. First of all, consider that companies may divide their expense items ing to their nature. Rather than just having operating expenses that consists of rent and salaries, they may further divide into categories of selling expenses, general administrative costs providing far more detail about the character of the expenses that are being incurred. We may also separately show peripheral transactions such as land sold at a gain, things that are separately reported from ongoing revenues and expenses. Financing costs such as interest expense may be broken out so that we can see the difference between operating performance and the cost of operating the business. And taxes as well may be shown in a separate category. This gives rise oftentimes to a presentation that we simply call a multiple step income statement, whe