Homework Answers
Solution :
1. Reports gross profit on a separate line - Multiple-step income statement
2. Separates income from operations from the other revenues and gains - Multiple-step income statement
3. Reports subtotals for various classes of items - Multiple-step income statement
4. Reports cost of goods sold before the reporting of gross profit - Multiple-step income statement
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QS 4-11 Multiple-step income statement LO P4 For each item below, indicate whether the statement describes...
For each item below, indicate whether the statement describes a multiple-step income statement or a single-step...
For each item below, indicate whether the statement describes a multiple-step income statement or a single-step income statement. 1. Does not separately report income from operations. 2. Reports expenses in very few categories if any. Reports subtotals for various classes of items. 4. Does not separately report income from operations. Multiple-step income statement Single-step income statement
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following...
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 245,000 Sales returns and allowances $ 20,000 Sales discounts 4,900 Sales salaries expense 10,900 Prepare the net sales portion only of this company’s multiple-step income statement. Multiple- Step Income Statement (partial) _________________________________ ______________ ______________ _________________________________ ______________ ______________ _________________________________ _______________ __________0____ Net Sales_________________________ _______________ ______________
Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following...
Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 250,000 Sales returns and allowances $ 21,000 Sales discounts 5,000 Sales salaries expense 11,000 Prepare the net sales portion only of this company’s multiple-step income statement.
1 QS 4-12 Preparing a multiple-step income statement LO P4 Save-the-Earth Co. reports the following Income...
1 QS 4-12 Preparing a multiple-step income statement LO P4 Save-the-Earth Co. reports the following Income statement accounts for the year ended December 31. ats $ eBook Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office supplies expense Cost of goods sold Sales Insurance expense Sales staff salaries 830 2,800 2,300 660 330 660 12,600 36, eee 1,800 3,300 Hint Ask Required: Prepare a multiple-step Income statement for the year ended December 31. eferences...
7 Exercise 4-15 Preparing a multiple-step Income statement LO P4 Fit-for-Life Foods reports the following income...
7 Exercise 4-15 Preparing a multiple-step Income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. ats $ Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-selling space Sales staff wages $ 6,350 Depreciation expense-office copier 770 Sales discounts 1,240 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11, eee Cost of goods sold 23, eee Sales commission expense 680 15,700 4,000...
A multiple-step income statement format shows detailed computations of net sales and other costs and expenses,...
A multiple-step income statement format shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items. Select one: True False
Exercise 4-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement...
Exercise 4-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. $ Gain on sale of equipment office supplies expense Insurance expense Sales office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 Depreciation expense-office copier 750 sales discounts 1,270 Sales returns and allowances 227.000 TV advertising expense 33.000 Interest revenue 11.400 cost of goods sold 23.800 Sales commission expense 560 15,700 4.000 3.800 91.000 13, 200...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
Problem 2: Listed below in scrambled order are 11 income statement categories. Use the numerals 1...
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. c ) Discontinued operations. C ) Cost of goods sold. ( ) Other revenues and gains. ( ) Net income. () Income taxes. () Sales revenue. ( ) Gross profit on sales. () Income from operations. () Income from continuing operations before income taxes. () Operating expenses....
Please Help ASAP!! Problem 2: Listed below in scrambled order are 11 income statement categories. Use...
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...
For each item below, indicate whether the statement describes a multiple-step income statement or a single-step income statement. 1. Does not separately report income from operations. 2. Reports expenses in very few categories if any. Reports subtotals for various classes of items. 4. Does not separately report income from operations. Multiple-step income statement Single-step income statement
1 QS 4-12 Preparing a multiple-step income statement LO P4 Save-the-Earth Co. reports the following Income statement accounts for the year ended December 31. ats $ eBook Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office supplies expense Cost of goods sold Sales Insurance expense Sales staff salaries 830 2,800 2,300 660 330 660 12,600 36, eee 1,800 3,300 Hint Ask Required: Prepare a multiple-step Income statement for the year ended December 31. eferences...
7 Exercise 4-15 Preparing a multiple-step Income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. ats $ Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-selling space Sales staff wages $ 6,350 Depreciation expense-office copier 770 Sales discounts 1,240 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11, eee Cost of goods sold 23, eee Sales commission expense 680 15,700 4,000...
Exercise 4-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. $ Gain on sale of equipment office supplies expense Insurance expense Sales office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 Depreciation expense-office copier 750 sales discounts 1,270 Sales returns and allowances 227.000 TV advertising expense 33.000 Interest revenue 11.400 cost of goods sold 23.800 Sales commission expense 560 15,700 4.000 3.800 91.000 13, 200...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
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. c ) Discontinued operations. C ) Cost of goods sold. ( ) Other revenues and gains. ( ) Net income. () Income taxes. () Sales revenue. ( ) Gross profit on sales. () Income from operations. () Income from continuing operations before income taxes. () Operating expenses....
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