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 determine: Multiple-step income statement.

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Answer 1

Question

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

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Bowtock purchased an item of plant for $2 million on 1 October 20X0. It had an estimated life of 8 years and an estimated residual value of $400000. The plant is depreciated on a straight line basis. The tax authorities do not allow depreciation expense .Instead a tax expense of 40% of the cost of this type of asset can be claimed against income tax in the year of purchase and 20% per annum (on a reducing balance method) of tax base thereafter.The rate of income tax can be taken as 25% . Calculate deferred tax charger / credit in the statement of profit or loss and deferred tax balance in statement of financial position

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Answer 2

Question

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Answer 6

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

Answer 7

Chapter 5, Problem 5.9E

(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 determine: Multiple-step income statement.

Answer 8

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Answer 9

(b)

To determine

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 5 - Prob. 1Q Ch. 5 - Prob. 2Q Ch. 5 - Prob. 3Q Ch. 5 - Prob. 4Q Ch. 5 - 5. When is cost of goods sold determined in a...Ch. 5 - Prob. 6Q Ch. 5 - Prob. 7Q Ch. 5 - Prob. 8Q Ch. 5 - Prob. 9Q Ch. 5 - Prob. 10Q

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Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.

Want to see the full answer?

Chapter 5 Solutions

Concept explainers

Videos

Gross profit rate It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales. To determine: Gross profit rate.

Want to see the full answer?

Chapter 5 Solutions

Gross profit rate

It is the financial ratio that evaluates the money left out of the total revenues after deducting the cost of goods sold. Thus, it shows the relationship between the gross profit on sales and net sales.

To determine: Gross profit rate.