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. To prepare: Multiple-step income statement.

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Answer 1

Question

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

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Marshall Industries has credit sales of $225,000 yearly with credit terms of net 40 days, which is also the average collection period. Marshall does not offer a discount for early payment, so its customers take the full 40 days to pay. 1. What is the average receivables balance? 2. What is the receivables turnover? 3. If Marshall offered a 2 percent discount for payment in 12 days and every customer took advantage of the new terms, what would the new average receivables balance be?

Please provide the solution to this general accounting question using proper accounting principles.

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Answer 2

Question

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

Answer 6

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

Answer 7

Chapter 5, Problem 5.10E

(a)

To determine

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.

To prepare: Multiple-step income statement.

Answer 8

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

Answer 9

(b)

To determine

Single step income statement

A single step income statement refers to the simplest form of the income statement which has only one step for calculating net income, subtract total expense from total revenues. All data is separated in only two parts- Revenues and Expenses.

To prepare: Single step income statement

Answer 10

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

Answer 11

(c)

To determine

Comprehensive income statement

A comprehensive income statement refers to that form of the income statement which includes other comprehensive income items (unrealized losses and gains due to adjusting entries) in net income to compute comprehensive income.

To prepare: Comprehensive income statement.

Answer 12

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Answer 14

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Answer 15

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