Prepare The Multi Step Income Statement For The Year Ended

Lf a box is not use erickson real estate appraisal income statement year ended june 30 2016 revenues service revenue 48 500 expenses insurance expense 4 700 34 000 salaries expense 300 supplies expense 8 200 interest expense utilities expense 2 300 depreciation expense building 8 000 57 500 total expenses.

Prepare the multi step income statement for the year ended. Compute gross profit total sales cost of goods sold step 2. Do not use negative signs with your answers. Prepare triton electronics triton electronics classified balance sheet in report form as of march 31 comma. Prepare a statement of owner s equity.

Combine all the operating expenses into one line on the income statement for selling general and administrative expenses. Triton electronics statement of retained earnings year ended march 31 2016 retained earnings april 1 2015 6 400 net income for the year 72 210 78 610 dividends 28 000 retained earnings march 31 2016 50 610 requirement 5. The operating section and the non operating. Let s take a look at a multi step income statement example.

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. Prepare a balance sheet assuming that the current portion of the note payable is 50 000. Prepare a multi step income statement for the year ended december 31. An alternative to the single step income statement is the multiple step income statement because it uses multiple subtractions in computing the net income shown on the bottom line.

Compare the major advantages and disadvantages of the multiple step and single step forms of income statements. 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. Preparing a complex income statement the following information was taken from the records of kendall corporation at april 30 20x3. Prepare kendall s single step income statement which lists all revenues together and all expenses together for the fiscal year ended april 30 20x3.

1 answer to prepare a multi step income statement for surry co from the following data year ended december 31 2016. Prepare a multiple step income statement. Prepare the company s income statement for the year ended june 30 2016. The following selected accounts and their current balances appear in the ledger of clairemont co.

The multiple step profit and loss statement segregates the operating revenues and operating expenses from the nonoperating revenues nonoperating expenses gains and losses. For the fiscal year ended may 31 2019. As you can see this multi step income statement template computes net income in three steps. Prepare a multiple step income statement for the year ended march 31 20y5.

Compute income from operations gross profit operating expenses.