1. What is the Gross Profit under Multiple Step Income Statementa. 389816b. 505526c. 446773d. 9722992. What is the total selling Expenses under multiple step income statement? a. 118295b. 253021c. None of the aboved. 8565893. What is Total general & Administrative Expenses under Multiple step income statement?a. 18500b. 253021c. None of the above,d. 118595 B-05.10Single-step and multiple-step income statementsStober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Sto-ber's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utili-ties to selling functions, and the remainder to general and administrative activities. Seventy percent of thesalaries are devoted to sales. Prepare an income statement in both single-step and multiple-step formats.Advertising expenseCost of goods soldRent expenseSalaries expenseNet salesIncome tax expenseUtilities expenseInterest expense$33,998466,773144,000166,321972,29930,00026,99718,500

A single-step income statement reports the company's net income by using a single computation and…

1. What is the Gross Profit under Multiple Step Income Statement a. 389816 b. 505526 c. 446773 d. 972299 2. What is the total selling Expenses under multiple step income statement? a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 118595

1. What is the Gross Profit under Multiple Step Income Statement a. 389816 b. 505526 c. 446773 d. 972299 2. What is the total selling Expenses under multiple step income statement? a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 118595

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

1. What is the Gross Profit under Multiple Step Income Statement
a. 389816
b. 505526
c. 446773
d. 972299

2. What is the total selling Expenses under multiple step income statement?

a. 118295

b. 253021

c. None of the above

d. 856589

3. What is Total general & Administrative Expenses under Multiple step income statement?

a. 18500

b. 253021

c. None of the above,

d. 118595

B-05.10
Single-step and multiple-step income statements
Stober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Sto-
ber's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utili-
ties to selling functions, and the remainder to general and administrative activities. Seventy percent of the
salaries are devoted to sales. Prepare an income statement in both single-step and multiple-step formats.
Advertising expense
Cost of goods sold
Rent expense
Salaries expense
Net sales
Income tax expense
Utilities expense
Interest expense
$33,998
466,773
144,000
166,321
972,299
30,000
26,997
18,500

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