Multiple-Step and Single-Step In coin с Statements The following items were derived from Gold Company’s December 31 adjusted trial balance:
Additional data:
Required:
1.
Prepare a multi-step income statement for Company G for the year ended December 31, 2018.
Multi step income statement: A multiple step income statement refers to the income statement that shows the operating and non-operating activities of the business under separate head. In different steps of the multi-step income statement, principal operating activities are reported that starts from the record of sales revenue with all contra sales revenue account like sales returns, allowances and sales discounts.
Prepare a multi-step income statement for Company G for the year ended December 31, 2018.
Company G | ||
Multi-Step Income Statement | ||
For the Year Ended December 31, 2018 | ||
Particulars | Amount | Amount |
($) | ($) | |
Sales | $195,000 | |
Less: Cost of goods sold | ($101,000) | |
Gross profit | $94,000 | |
Operating expenses: | ||
Selling expenses | $28,000 | |
General and administrative expenses | $20,000 | |
Total operating expenses | ($48,000) | |
Operating income |
2.
Prepare a single step income statement for Company G for the year ended December 31, 2018.
3.
Discuss the manner in which the income statement in requirement 1 might be different if it is used in IFRS.
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