Income Statement: This is a financial statement that shows the net income earned or net loss suffered by a company through reporting all the revenues earned and expenses incurred by the company over a specific period of time. An income statement is also known as an operations statement, an earnings statement, a revenue statement, or a profit and loss statement. The net income is the excess of revenue over expenses. Multistep Income Statement: It is one of the financial statements in which net income is derived through a series of steps or subtotals. To Prepare: A multi-step income statement for R Company for 2016 in comparative format (2015).

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Chapter 4, Problem 4.1P

To determine

Income Statement:

This is a financial statement that shows the net income earned or net loss suffered by a company through reporting all the revenues earned and expenses incurred by the company over a specific period of time. An income statement is also known as an operations statement, an earnings statement, a revenue statement, or a profit and loss statement. The net income is the excess of revenue over expenses.

Multistep Income Statement:

It is one of the financial statements in which net income is derived through a series of steps or subtotals.

To Prepare: A multi-step income statement for R Company for 2016 in comparative format (2015).

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