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Compute income from operations gross profit operating expenses step 3.
Retained earnings multi step income statement. Retained earnings account is not shown on the income statement account whether single step income. Retained earnings is a cumulative income account and it is part of the company s capital account. As you can see this multi step income statement template computes net income in three steps. Retained earnings appear on a company s balance sheet and may also be published as a separate financial statement.
Prepare a classified balance sheet as of december 31 2024. Prepare a multi step income statement and statement of retained earnings for the year ended december 31 2024. The multiple step income statement also shows the gross profit net sales minus the cost of goods. Begin by preparing a multi step income statement for the year ended december 31 2024.
Compute gross profit total sales cost of goods sold step 2. Assume interest receivable is a current asset and interest payable is a current liability. The statement of retained earnings is one of the financial statements that.
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