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

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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 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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