(a) Prepare a multiple-step income statement. (b) Calculate the gross profit rate and the profit margin and explain what each means.
Q: Provide detailed Income statement
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A: Multi step income statement: A multiple step income statement refers to the income statement that…
Q: Describe the content and format of the income statement.
A: Income Statement : Its also called as Profit and loss statement. This report shows the Incomes ,…
Q: Why is the income statement called the "profit and loss statement"?
A: Income Statement is called the profit and loss statement because it records all the incomes and…
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A: The income statement (IS) is one of three financial statements (FS) which records the financial…
Q: Can someone use this to create an example of how to make an income statement pls?
A: Income statement of Adams' shoe shine for the month ended June 30,20XX are as follows
Q: Explain how to prepare multi-step income statement.
A: While preparing the multi-step income statement, there are 8 steps to follow.In a multi-step income…
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Q: Describe the content of the income statement.
A: The income statement consists of revenues and expenses along with the resulting net income or loss…
Q: which of the following would be considered in the calculation of gross profit? Sales and returns…
A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…
Q: Multiple-step Income Statement.
A: Multiple-step income statement is a format of income statement in which items of revenues and…
Q: Complete the following income statement
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Q: Explain why the income statement can also be called a “profit-and-loss statement.”
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Q: Prepare a single-step statement of income.
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Q: Define single-step income statement
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A: Following is the procedure to prepare an income statement
Q: indicate whether the statement describes a multiple-step income statement or asingle-step income…
A: Multiple step income statement: Multiple step Income statement, as the name suggests, is an income…
Q: Briefly explain the difference between the single-step and multiple-step income statement formats.
A: Definition:
Q: Prepare a multi-step income statement in proper form.
A: Income statement: It refers to the statement prepared by the company in which recording of revenue…
Q: how is profit or loss calculated on an income statement?
A: Profit and loss is calculated as below-
Q: what is recasting of the income statement, and give three examples of items that are recasted?
A: The company prepares the income statement to know the net income or losses that arise during the…
Q: Prepare the Income Statement t
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Q: Show the income statement equation and define eachelement.
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Q: Explain the three major items reportedon the income statement.
A:
Q: Required: a. Prepare a single-step income statement, b. Prepare a multiple-step income statement
A: An organization's financial outcomes for a specific time period are shown on the income statement.…
Q: indicate whether the statement describes a multiple-step income statement or asingle-step income…
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: Present the information in a multistep income statement
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Q: Describe the multi-step income statement.
A:
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Q: Prepare Multi step income statement
A: Formula: Net income = Total revenues - Total expenses
Q: Describe the single-step income statement.
A:
Q: multiple-step income statement
A: Multiple-step income statement is a format for preparing income statement by grouping income and…
Q: hat is the standard income statement equation'
A: Standard income statement equation contains 3 parts Net income , revenue and expenses . Net income…
Q: Prepare a multiple-step income statement. (Li either a negative sign preceding the number e.g.-
A: An income statement is a financial statement prepared at the end of the accounting year, to know the…
Q: What is shown on a multi-step income statement but not on a single-step income statement?
A: A single-step income statement is a concise summary of a company's earnings that requires only one…
Q: In a multiple-step income statement, the dollar amount for income from operations is always the same…
A: A multiple step income statement refers to the income statement that shows the operating and…
Q: Explain the purpose of income statement.
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: The main purpose of the statement of profit or loss is to determine O the amount of income and…
A: A profit and loss statement is a financial statement that is prepared so as to determine the…
(a) Prepare a multiple-step income statement.
(b) Calculate the gross profit rate and the profit margin and explain what each means.
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- Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $ 460 Research and development expense $ 114 Depreciation expense 90 Income tax expense 1,008 Sales revenue 9,230 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 4,500 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. Gross profit rate enter percentages rounded to 1 decimal place% Profit margin enter percentages rounded to 1 decimal place%Suppose in its income statement for the year ended June 30, 2025, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances Assume a tax rate of 34%. (a) $ 300 60 3,420 120 300 161 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense Utilities expense The Clorox Company Income Statement (amounts in millions) $60 $ 200 30 1,710 Prepare a multiple-step income statement. (Round answers to 0 decimal places, eg. 15,222) 60 30 $KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800,000 783,000 353,000 P430,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets 2X20 2X19 Cash Accounts receivable Inventory Accounts payable P672,000 775,000 834,000 521,000 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…
- KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 5,800,000 783,000 353,000 P430,000 24,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets Cash Accounts receivable Inventory | Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…Current Attempt in Progress In its income statement for the year ended December 31, 2025, Carla Vista Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $ 730,000 1,265,000 80,000 54,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $ 42,000 25,000 2,358,000 144,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) CARLA VISTA INC. Income StatementIn its income statement for the year ended December 31, 2025, Crane Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $711,000 1,247,000 61,000 38,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $ 24,000 8,000 2,333,000 164,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) CRANE INC. Income Statement For the Year Ended December 31, 2025
- Shouldn't the operating expenses for 2020 be 8074.9? Forecasting an Income StatementADP reports the following income statement. AUTOMATIC DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 30, 2019, $ millions Total revenues $14,175.2 Operating expenses 7,145.9 Systems development and programming costs 636.3 Depreciation and amortization 304.4 Total cost of revenues 8,086.6 Selling, general, and administrative expenses 3,064.2 Interest expense 129.9 Total expenses 11,280.7 Other income expense, net 111.1 Earnings before income taxes 3,005.6 Provision for income taxes 712.8 Net earnings $ 2,292.8 Forecast ADP’s 2020 income statement assuming the following income statement relations. All percentages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues. Total revenues growth 13% Depreciation and amortization $460.5 million Interest expense No change Other…In its income statement for the year ended December 31, 2025, Pharoah Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense 4 $716.000 1,251,000 66,000 40,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $28,000 12,000 2,350,000 154.000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) PHAROAH INC. Income StatementLancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…
- Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…In its income statement for the year ended December 31, 2022, Metlock, Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) $709,000 1,250,000 73,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income $32,000 19,000 2,187,000 8,500 Prepare a multiple-step income statement. (List other revenues before other expenses) Metlock, Inc. Income Statementn its income statement for the year ended December 31, 2022, Bramble Corp. reported the following condensed data. Please prepare a multistep income statement and a comprehensive income statement Operating expenses $ 721,000 Interest revenue $ 34,000 Cost of goods sold 1,258,000 Loss on disposal of plant assets 19,000 Interest expense 71,000 Net sales 2,201,000 Income tax expense 47,000 Other comprehensive income (net of $1,200 tax) 8,500