Homework Answers
Single Step Income statement shows only Total Net Revenue Less Total Expense= Net Income & Multi step income statement shows as Net Revenue Less Cost of Goods Sold= Gross Profit Less Other Expense= Net Income
So the answer is B & C (which are available on Multi step statement but not on single step)
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12) Which of the following is shown on a multi-step income statement but not on a...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $97,500 Less: Sales returns and allowances 2,300 Net sales $95,200 Cost of goods sold 48,000 Gross profit 47,200 Operating expenses 14,900 Income from operations 32,300 Other revenues and gains Interest revenue 1,200 Other expenses and losses Loss on sale of equipment 600 Net income $32,900 Income Statement
Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi-step income statement...
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...
Presented below is financial information that would be presented on a multi-step income statement for two...
Presented below is financial information that would be presented on a multi-step income statement for two different companies. (a) Determine the missing amounts above. Winter Company Merit Company Sales revenue $190,000 $ (e)_______________ Sales discounts 2,000 2,500 Sales returns (a)_____________ 5,000 Net sales 183,000 210,000 Cost of goods sold 103,000 (f)________________ Gross profit (b)_____________ 80,000 Operating expenses 45,000 (g)_______________ Income from operations (c)______________ 55,000 Other revenues (expenses) 4,000 (h)_______________ Net income (d)______________ 49,000
Which of the following is not a subtotal on the multi-step income statement? a) Operating Income...
Which of the following is not a subtotal on the multi-step income statement? a) Operating Income Ob) Interest Expense c) Income from Continuing Operations Before Taxes d) Gross Profit
15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT:...
15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT: A) net income. B) net sales. C) cost of goods sold. D) gross profit/ gross margin. E) All of the above are shown on a multiple-step income statement. 16. Which of the following is the most appropriate and modern definition of accounting/accounting information system? A) Electronic collection, organization, and communication of vast amounts of information B) The interconnected network of subsystems necessary to operate...
Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi-step income statement...
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. Selling general and administrative expense $185,000 Sales revenue $550,000 Cost of goods sold 330,000 Income tax expense 10.000 Interest expense 3,000 Note: Do not use negative signs with any of your answers. Karlman Distributors Income Statement For the Year Ended December 31 . $
Shown below is an income statement prepared by a poorly trained bookkeeper. Assume an income tax...
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...
Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts...
Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown: Selling Expense, 40,000 Sales Revenue 581,000 What is Blanton Co's gross profit for the period? Enter your response as a whole number, no commas and no dollar sign. $45,000 Accounts Payable Cost of Goods Sold 230,000 Gain on...
Required: 1.Prepare a multi-step income statement in good form for the year ended December 31, 2019....
Required: 1.Prepare a multi-step income statement in good form for the year ended December 31, 2019. 2.Show the gross profit rate at the bottom of the statement. Delt public Shop reported the following account balances for the year ended December 31, 2001: Administrative Expenses………………………………………………. $ 55,520 Cost of Goods Sold……………………………………………………. 250,500 Depreciation Expenses…………………………………………………. 5,500 Interest Expense………………………………………………………… 2,000 Net Sales……………………………………………………………….. 450,750 Selling Expense………………………………………………………… 77,000 Rent Revenue…………………………………………………………… 3,500 Bad Debts Expense……………………………………………………… 12,700 Income Tax Expense (Income before income tax) .................................. 20%
11UULUI Part Four. Multi-Step Income Statement. Use the following information to prepare a multi-step income statement,...
11UULUI Part Four. Multi-Step Income Statement. Use the following information to prepare a multi-step income statement, for the Acorn and Nut Company, for the end of the fiscal period December 31. 2016. Worth 30 points. Net Sales 100,000 General and Admin Ex 6,000 Dividend Income 8,750 Interest Expense 6,250 Costs of Goods Sold 37,750 Income Taxes Ex 19,500 Selling Expenses 10,000
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $97,500 Less: Sales returns and allowances 2,300 Net sales $95,200 Cost of goods sold 48,000 Gross profit 47,200 Operating expenses 14,900 Income from operations 32,300 Other revenues and gains Interest revenue 1,200 Other expenses and losses Loss on sale of equipment 600 Net income $32,900 Income Statement
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...
Which of the following is not a subtotal on the multi-step income statement? a) Operating Income Ob) Interest Expense c) Income from Continuing Operations Before Taxes d) Gross Profit
15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT: A) net income. B) net sales. C) cost of goods sold. D) gross profit/ gross margin. E) All of the above are shown on a multiple-step income statement. 16. Which of the following is the most appropriate and modern definition of accounting/accounting information system? A) Electronic collection, organization, and communication of vast amounts of information B) The interconnected network of subsystems necessary to operate...
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. Selling general and administrative expense $185,000 Sales revenue $550,000 Cost of goods sold 330,000 Income tax expense 10.000 Interest expense 3,000 Note: Do not use negative signs with any of your answers. Karlman Distributors Income Statement For the Year Ended December 31 . $
11UULUI Part Four. Multi-Step Income Statement. Use the following information to prepare a multi-step income statement, for the Acorn and Nut Company, for the end of the fiscal period December 31. 2016. Worth 30 points. Net Sales 100,000 General and Admin Ex 6,000 Dividend Income 8,750 Interest Expense 6,250 Costs of Goods Sold 37,750 Income Taxes Ex 19,500 Selling Expenses 10,000
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