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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ABF's metal spare parts manufacturing company uses the customised production method by attributing the GST to the products it produces with the help of predetermined attribution coefficients. The processing of metal parts is carried out in two production departments: the Cutting and Drilling department, and the Assembly department. The GIS attribution coefficients for the two departments are based on the operating hours of machines and the cost of direct work respectively. At the beginning of the year, the following budgets were implemented: Cutting and Drilling Department Assembly Department Direct Labor Costs (in euros) 1.320.000 2.000.000 G.B.E. (in euros) 4.800.000 2.400.000 Machinery Operating Hours 80.000 5.000 Direct Work Hours 27.000 12.000 Requested: To calculate the coefficient of attribution of the General Secretariat that will be used in each department. (4 units) To determine the production cost per unit for order 158 which…

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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.

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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 13

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Answer 14

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Answer 15

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