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 items like sales returns, allowances and sales discounts. To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

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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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset Placed in Service Basis New equipment and tools August 20 $ 3,800,000 Used light-duty trucks October 17 2,000,000 Used machinery November 6 1,525,000 Total $ 7,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago. a. What is Acorn's maximum cost recovery deduction in the current year?

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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

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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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

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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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

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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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

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 items like sales returns, allowances and sales discounts.

To Prepare: The multi-step income statement of Company C for the year ended June 30, 2017.

Answer 8

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

Answer 9

(b)

To determine

The profit margin and gross profit rate of Company C for the year 2017.

Answer 10

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

Answer 11

(c)

To determine

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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The profit margin and gross profit rate of Company C for the year 2017.

To Prepare: The multi-step income statement for the year ended June 30, 2017 of Company C after increase net sales and cost of goods sold by 25% and advertising expense by $340 million, The profit margin and gross profit rate of Company C for the year 2017.

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Chapter 5 Solutions