Homework Answers
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Option C is the answer Single step income statement does not take into account whether the expense is related to operations or not. It is based on a single equation which is Net income = Revenues - Expenses Whereas multi step income statement differentiates operating expenses from non operating expenses making it easy to obtain operating income. |
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Question 7 (2 points) Which of the following is an advantage of the single-step income statement...
Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company:...
Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 If the income statement were prepared in a multiple-step format, gross profit would be: Income Statement For the Year Ended...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Options for Part B: Multiple-Step Income Statement On March 31, 2019, the balances of the accounts...
Options for Part B:
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: $757,600 Merchandise Inventory $933,900 Accumulated Depreciation-Building Administrative Expenses Building Notes Payable 240,650 537,100 2,572,650 172,600 3,875,550 Cash Office Supplies Salaries Payable Sales Selling Expenses 19,250 7,750 6,194,250 Cost of Merchandise Sold Interest Expense 9,900 706,700 Store Supplies 89,450 Kathy Melman, Capital Kathy Melman, Drawing 1,608,650 183,400 a. Prepare a multiple-step...
part b choices Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing...
part b choices
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Merchandise Inventory $784,900 $935,250 Administrative Expenses 535,800 Notes Payable 261,450 Office Supplies 20,450 Building 2,597,300 Salaries Payable Cash 176,600 8,000 Cost of Merchandise Sold 3,697,750 Sales 6,681,650 Interest Expense Selling Expenses 9,600 686,450 Kathy Melman, Capital 1,585,150 Store Supplies 87,300 Kathy Melman, Drawing 167,750 a. Prepare a multiple-step income...
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
Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge...
Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge of Royal Furnishings Company, a furniture store as follows: Accounts Receivable $170.000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Povable 290,050 Administrative Expenses 513,300 Office Supplies 19.500 Building 2,409,100 Retained Earnings 1.230,150 170,950 Salaries Pavable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3.696.800 Expenses 699.750 Dividends 175,700 Store Supplies 58.400 Interest Expense 10.000 a. Prepare a multiple-step income statement for the fiscal...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020. Sales revenue $950,000 Cost of goods sold 575,000 Dividends received on investment in stocks 6,500 Interest expense 4,200 Loss on sale of investments 48,000 Promotion expense 15,000 Shipping expense 25,000 Depreciation (50% selling, 50% general and administrative) 20,000 Salaries (general and administrative) 80,000 Other general and administrative expenses 23,000 Salaries (selling) 85,300 Interest revenue...
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
@ 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...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 need...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income
Statement and Computing the Gross Profit Percentage LO5-3
need the Administrative expense
Net income
Earnings per share
Chapter 3.1 Homework Problems E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 4.16 points The following data were taken from the records of Township Corporation at December 31 of the current year: eBook $ 98,000 31,000 6,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income...
Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 If the income statement were prepared in a multiple-step format, gross profit would be: Income Statement For the Year Ended...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Options for Part B:
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: $757,600 Merchandise Inventory $933,900 Accumulated Depreciation-Building Administrative Expenses Building Notes Payable 240,650 537,100 2,572,650 172,600 3,875,550 Cash Office Supplies Salaries Payable Sales Selling Expenses 19,250 7,750 6,194,250 Cost of Merchandise Sold Interest Expense 9,900 706,700 Store Supplies 89,450 Kathy Melman, Capital Kathy Melman, Drawing 1,608,650 183,400 a. Prepare a multiple-step...
part b choices
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Merchandise Inventory $784,900 $935,250 Administrative Expenses 535,800 Notes Payable 261,450 Office Supplies 20,450 Building 2,597,300 Salaries Payable Cash 176,600 8,000 Cost of Merchandise Sold 3,697,750 Sales 6,681,650 Interest Expense Selling Expenses 9,600 686,450 Kathy Melman, Capital 1,585,150 Store Supplies 87,300 Kathy Melman, Drawing 167,750 a. Prepare a multiple-step income...
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
Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge of Royal Furnishings Company, a furniture store as follows: Accounts Receivable $170.000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Povable 290,050 Administrative Expenses 513,300 Office Supplies 19.500 Building 2,409,100 Retained Earnings 1.230,150 170,950 Salaries Pavable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3.696.800 Expenses 699.750 Dividends 175,700 Store Supplies 58.400 Interest Expense 10.000 a. Prepare a multiple-step income statement for the fiscal...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020. Sales revenue $950,000 Cost of goods sold 575,000 Dividends received on investment in stocks 6,500 Interest expense 4,200 Loss on sale of investments 48,000 Promotion expense 15,000 Shipping expense 25,000 Depreciation (50% selling, 50% general and administrative) 20,000 Salaries (general and administrative) 80,000 Other general and administrative expenses 23,000 Salaries (selling) 85,300 Interest revenue...
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
@ 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...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income
Statement and Computing the Gross Profit Percentage LO5-3
need the Administrative expense
Net income
Earnings per share
Chapter 3.1 Homework Problems E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 4.16 points The following data were taken from the records of Township Corporation at December 31 of the current year: eBook $ 98,000 31,000 6,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income...
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