Income Statement: Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period. Multi step income statement: There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items. Requirement-1: To Prepare: The Multiple Step Income Statement for the calendar year 2014

Question

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Answer 1

Question

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

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Answer 2

Question

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

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Answer 3

Question

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

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Answer 4

Question

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

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Answer 5

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Answer 6

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Answer 7

Chapter F, Problem 4QS

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-1:

To Prepare:

The Multiple Step Income Statement for the calendar year 2014

Answer 8

Expert Solution

Answer to Problem 4QS

The Multiple Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

The Multiple Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Multi Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Net Sales	14,534
Less: Cost of Sales	7,610
Gross Profit		6,924
Less: Operating Expenses	6,281
Add: Royalty and Commission Income	102
Add: Other Operating Income	138	(6,041)
Net Operating Income		883
Non Operating Items:
Finance Income	19
Finance Costs	67	(48)
Income Before tax Expense		835
Less: Income Tax Expenses		271
Net Income		564

Answer 13

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Answer 14

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

Multi step income statement:

There are two ways to present and income stamen: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

Requirement-2:

To Prepare:

The Single Step Income Statement for the calendar year 2014

Answer 15

Expert Solution

Answer to Problem 4QS

The Single Step Income Statement for the calendar year 2014 is as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The Single Step Income Statement for the calendar year 2014 is prepared as follows:

Adidas Group
Single Step Income Statement
For the year ended December 31, 2014
	Euros in Millions
Revenues:
Net Sales	14,534
Royalty and Commission Income	102
Other Operating Income	138
Finance Income	19
Total Revenues		14,793
Less: Expenses
Cost of Sales	7,610
Operating Expenses	6,281
Finance Costs	67
Income Tax Expenses	271
Total Expenses		14,229
Net Income		564

Answer 20

Ch. F - Prob. 1QS Ch. F - Prob. 1E Ch. F - Prob. 2QS Ch. F - Prob. 2E Ch. F - Prob. 3QS Ch. F - Prob. 4QS Ch. F - Prob. 5QS Ch. F - Prob. 3E Ch. F - Prob. 4E Ch. F - Prob. 7QS

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Answer to Problem 4QS

Explanation of Solution

Answer to Problem 4QS

Explanation of Solution

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Chapter F Solutions