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: The multi-step income statement of Company P for the year ended October 31, 2016.

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Chapter 6, Problem 6.23EX

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: The multi-step income statement of Company P for the year ended October 31, 2016.

b.

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.

Single-step income statement: It is an income statement format in which a single subtotal of all revenue items are listed in one column and a single subtotal of all expense items including cost of goods sold are listed in another column. Thus, the subtotal of all expense items is deducted from the subtotal of all revenue items to arrive at the net income at the bottom of the statement.

To Describe: The major advantages and disadvantages of the multi-step and single-step forms of income statements.

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please please answer correctly with all working and steps so that I can understand clearly thanks Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.

Use the following selected data from Success Systems' income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance sheet to complete the requirements below: Computer services revenue $29,221 Net sales (of goods) $18,480 Total sales and revenue $47,701 Cost of goods sold $15,344 Net income $19,179 Quick assets $88,668 Current assets $96,904 Total assets $123,448 Current liabilities $970 Total liabilities $970 $122,478 Total equity Required: Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your answers to 1 decimal place.)