come statement information for Shoe Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2016, follows (in millions). Net income Financial income Financial expenses Operating profit € 1,028 36 82 1,507 Income before taxes Gross profit Royalty and commission income Other operating income € 1,461 9,387 117 274
come statement information for Shoe Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2016, follows (in millions). Net income Financial income Financial expenses Operating profit € 1,028 36 82 1,507 Income before taxes Gross profit Royalty and commission income Other operating income € 1,461 9,387 117 274
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QS 4-15 Multiple- and single-step income statement presentation LO P4
Income statement information for Shoe Group, a German footwear, apparel, and accessories manufacturer, for the year ended
December 31, 2016, follows (in millions).
Net income
Financial income
Financial expenses
Operating profit
Cost of sales
Income taxes
€ 1,028
36
82
Required 1 Required 2
1,507
9,920
433
Income before taxes
Gross profit
Royalty and commission income.
Other operating income
Other operating expenses
Net sales.
Required:
1. Prepare the multiple-step income statement for the company for the year ended December 31, 2016.
2. Prepare the single-step income statement for the company for the year ended December 31, 2016.
Complete this question by entering your answers in the tabs below.
Net sales
€ 1,461
9,387
117
274
8,271
19,307
Prepare the multiple-step income statement for the company for the year ended December 31, 2016. (Enter your answers in
millions. Amounts to be deducted should be indicated by a minus sign.)
SHOE GROUP
Income Statement (€ millions)
For Year Ended December 31, 2016
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