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Concept explainers
a.
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
To prepare: The multi-step income statement.
b.
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
To prepare: The single-step income statement.
c.
Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.
To prepare: A comprehensive income statement.
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Chapter 5 Solutions
ACCT.PRINCIPLES (LL)
- The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forwardPrepare an income statement using the following information for CK Company for the month of February 2019.arrow_forwardMultiple-step income statement Identify the enurs in the following income statement and prepare a corrected income statement:arrow_forward
- Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expensearrow_forwardOn March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended March 31, 2019. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.arrow_forwardIncome statement items Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.arrow_forward
- Using the information provided below from Ben Company prepare two income statements: A normal GAAP Income Statement A CVP Income Statement These Income Statements should be done in good form and in Excel. Include formulas.arrow_forwardMeagley Company presents the following condensed income statement and balance sheet information for 2020 and 2019: Next Level Prepare Meagley’s common-size income statements and balance sheets for 2020 and 2019. What trends do you analyses reveal in Meagley's operations and financial position?arrow_forward1. Prepare a detailed multi-step income statement (including EPS presentation) for the year ended December 31, 2020. Show calculations for EPS (for continuing and discontinued sections). Show details of COST OF GOODS SOLD and OPERATING EXPENSES sections. 2. Prepare a Statement of Retained Earnings for the year ended December 31, 2020.arrow_forward
- Based on the data presented in Exercise1-10, identify those items that would appear on the income statement.arrow_forwardPrepare a basic income statement forecast for the subsequent fiscal year, using a percentage of sales approach and using information included in the materials below to support assumptions that correspond for each revenue and expense. Each line item (e.g., marketing expenses) should have a note and an explanation on how it was calculated.arrow_forwardLiverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images. Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios: i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratioarrow_forward
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