You are an accountant for a small retail store and are tasked with determining the best presentation for your income statement. You may choose to present it in a multi-step format or a simple income statement format. The information on the statement will be used by investors, lenders, and management to make financial decisions related to your company. It is important to the store owners that you give enough information to assist management with decision-making, but not too much information to possibly deter investors or lenders.

kindly help elaborate on below questions concerning the statements

• What is the purpose of an income statement for a retail business?
• Which statement format do you choose?
• Why did you choose this format?
• What are the benefits and challenges of your statement choice for each stakeholder group?