Multi-step income statement model | ||||||||
$ | ||||||||
Sales revenue | ||||||||
Less: Cost of goods sold | ||||||||
Gross profit on sales | ||||||||
Less: Operating expenses | ||||||||
Income from operations | ||||||||
Add:Other revenues and gains | ||||||||
Income from continuing operations before income taxes | ||||||||
Less: Income taxes | ||||||||
Income from continuing operations | ||||||||
Discontinued operations | ||||||||
Net income | ||||||||
Answer: | ||||||||
10 | Discontinued operations | |||||||
2 | Cost of goods sold | |||||||
6 | Other revenues and gains | |||||||
11 | Net income | |||||||
8 | Income taxes | |||||||
1 | Sales revenue | |||||||
3 | Gross profit on sales | |||||||
5 | Income from operations | |||||||
7 | Income from continuing operations before income taxes | |||||||
4 | Operating expenses | |||||||
9 | Income from continuing operations | |||||||
Problem 2: Listed below in scrambled order are 11 income statement categories. Use the numerals 1...
Please Help ASAP!! Problem 2: Listed below in scrambled order are 11 income statement categories. Use the numerals 1 through 11 to indicate the order in which these categories should appear on a multiple-step income statement. ( ) Discontinued operations. ( ) Cost of goods sold. ( ) Other revenues and gains. ( ) Net income. ( ) Income taxes. ( ) Sales revenue. ( ) Gross profit on sales. ( ) Income from operations. ( ) Income from continuing...
QS 4-11 Multiple-step income statement LO P4 For each item below, indicate whether the statement describes a multiple-step income statement or a single-step income statement. 1. Reports gross profit on a separate line. 2. Separates income from operations from the other revenues and gains. 3. Reports subtotals for various classes of items. 4. Reports cost of goods sold before the reporting of gross profit.
PROBLEM 3 – Income Statement (20 points) Selected information about income statement accounts for the Chatham Company is presented below (the company's fiscal year ends on December 31): 2021 Sales revenue $ 7,040,000 Cost of goods sold 4,576,000 Administrative expense 1,280,000 Selling expense 576,000 Loss due to inventory write-down 56,000 Interest revenue 240,000 Interest expense 320,000 On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by...
1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. C./ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable basis for the recognition of expenses? Cal Direct matching 6. Cash disbursement C. Immediate recognition d. Systematic and rational allocation 3....
9. Sunshine Corporation's accounting records include the following items, listed in no particular order, at December 31, 2018: (Click the icon to view the data.) The income tax rate for Sunshine Corporation is 25%. Prepare Sunshine's income statement for the year ended December 31, 2018. Omit earnings per share. Use a multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter other...
Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Karlman Distributors for the year ended December 31. All accounts have normal balances. Selling, General and Administrative Expense 186,300 Cost of Goods Sold $330,300 Interest Expense 3,300 Sales Revenue 550,300 Income Tax Expense 10,300 Note: Do not use negative signs with any of your answers. KARLMAN DISTRIBUTERS Income Statement For the Year Ended December 31 $ Gross Profit on Sales Operating Expenses Income...
Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses $82,800 Cost of goods sold 556,800 Sales revenue 926,400 Selling expenses 104,400 Interest expense 8,400 Loss from operations of discontinued segment 72,000 Gain on disposal of discontinued segment 48,000 Income taxes: Amount applicable to ordinary operations 69,600 Reduction applicable to loss from operations of discontinued segment 28,800 Amount applicable to gain on disposal of discontinued segment 19,200 Required a. Prepare a multiple-step income statement. (Disregard...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
Shown below is an income statement prepared by a poorly trained bookkeeper. Assume an income tax rate of 30% on all items. Ignore EPS. ABC Company Income Statement December 31, 20x1 Sales Revenue $1,192,375 Investment Revenue 9,250 Cost of goods sold (340,375) Selling + Administrative (563,250) Interest expenses (13,000) Loss on Building (Fire Damage) (80,000) Loss on disposal of business segment (32,500) NI 120,750 Prepare a multiple-step income statement in good form. Then answer the questions pertaining to...
Using the following list of items, fill in the blanks for where the item belongs on a multiple-step income statement. Use the Condensed Multiple-Step Income Statement format. You only need earnings per share for net income (don't need to separate out income from continuing operations or discontinued operations). Selling expenses, Cost of goods sold, Net sales, Income tax expense, Gross profit, Income from operations, Administrative expenses, Income before taxes, Discontinued operations, Other revenues and gains, Other expenses and losses, Income...