3. Single-step income statements Aa Aa The single-step income statement emphasizes total revenues and total expenses in determining net income, while the multiple-step income statement breaks down various revenues and expenses according to their relationship to the company's operations Lewis's management team would prefer to see a single-step income statement because it more concisely illustrates Lewis's revenues, expenses, and profitability. Use the multiple-step statement to construct the following single-step income statement. The end-of-year income statement for Lewis Co. appears below in multiple-step format. Lewis Co. Income Statement For the Year Ended December 31, 2013