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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
Chapter 4, Problem 4.20E
Textbook Problem
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Multiple-step income statement
Identify the enurs in the following income statement and prepare a corrected income statement:
Chapter 4, Problem 4.20E, Multiple-step income statement Identify the enurs in the following income statement and prepare a

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 Correct Multi-step income statement

Explanation of Solution

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 Correct Multi-step income statement is prepared as follows:

    CARLSBAD COMPANY
    Multistep Income Statement
    For the year ended on Feb. 28, 20Y8
    Sales Revenue $ 4,220,000
    Less: Cost of Goods sold $ (2,650,000)

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Survey of Accounting (Accounting I)
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