Income statement information for Adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2008, follows. The company applies IFRS, as adopted by the European Union, and reports its results in millions of Euros. Prepare its calendar year 2008
(1) Multiple-step income statement
(2) Single-step income statement.
Net income . . . . . . . . . . . . . . . . . . . . . . . . . € 644
Financial income . . . . . . . . . . . . . . . . . . . . . . 37
Financial expenses . . . . . . . . . . . . . . . . . . . . 203
Operating profit . . . . . . . . . . . . . . . . . . . . . . 1,070
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . 5,543
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . 260
Income before taxes . . . . . . . . . . . . . . . . . . 904
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . 5,256
Royalty and commission income . . . . . . . . . 89
Other operating income . . . . . . . . . . . . . . . 103
Other operating expenses . . . . . . . . . . . . . 4,378
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,799