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Cornerstones of Financial Accounti...

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Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Exercise 1-47 Multiple-Step Income Statement

The following information is available for Bergin Pastry Shop.

Chapter 1, Problem 47E, Exercise 1-47 Multiple-Step Income Statement The following information is available for Bergin

Required:

Prepare a multiple-step income statement for Bergin.

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

There are two ways to present and income statement: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

To Prepare:

The Multi step Income Statement for Bergin Pastry Shop.

Explanation

There are two ways to present and income statement: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items. The Multi step Income Statement for Bergin Pastry Shop is prepared as follows:

    Bergin Pastry Shop
    Multi-step Income Statement
    Net Sales Revenue $ 85,300
    Less: Cost of Goods sold (85300-34700) $ 50,600

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