Prepare Multi Step Income Statement For The Year Ended

Prepare a multi step income statement for the year ended december 31.

Prepare multi step income statement for the year ended. Prepare triton electronics triton electronics classified balance sheet in report form as of march 31 comma. Cash 240 000 accounts receivable 966 000 merchandise inventory 1 690 000 estimated returns inventory 22 500 office supplies 13 500 prepaid insurance 8 000 office equipment 830 000 accumulated depreciation office equipment 550 000 store equipment 3 600 000 accumulated depreciation store equipment. Multi step income statement involves more than one subtraction to arrive at net income and it provides more information than a single step income statement. Multiple step income statement and balance sheet the following selected accounts and their current balances appear in the ledger of clairemont co.

As you can see this multi step income statement template computes net income in three steps. The operating section and the non operating. Combine all the operating expenses into one line on the income statement for selling general and administrative expenses. In different steps of the multi step income statement principal operating activities are reported that starts from the record of sales revenue with all contra sales revenue account like sales returns allowances and sales discounts.

Sales 915 000 cost of merchandise sold 670 000 administrative expenses 30 000 interest expense 12 000 rent revenue 19 000 sales return and allowances 55 000 selling expenses 120 000. Multi step income statement is divided into two main sections. 1 answer to prepare a multi step income statement for surry co from the following data year ended december 31 2016. Compute gross profit total sales cost of goods sold step 2.

Do not use negative signs with your answers. Compute income from operations gross profit operating expenses. Prepare the multi step income statement for the year ended december 31 2024 this problem has been solved. The multi step income statement of company p for the year ended october 31 2016.

The most important of which are the gross profit and the operating profit figures. For the fiscal year ended may 31.