Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Multi-Step Income Statement - three (3) questions Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Multi-Step Income Statement - three (3) questions Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next two (2) questions. You will need to calculate 1.) Gross Profit, 2.) Operating Income, and 3.) Net Income After-taxes to answer these three (3) questions. Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of Gross Profit on the Multi-step Income Statement for the period ending 12/31/xx? Credit $ 50,000 Adjusted Trial Balance December 31, 20xx Accounts Debit Cash $25,555 Accounts Receivable 50,000 Inventory 100,000 Prepaid Rent 4.000 Equipment 150.000 Accumulated Depreciation Accounts Payable Deferred Revenue Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock o Retained Earnings Dividends 5.000 Revenue Cost of Goods Sold 75.000 Salaries Expense 5.000 Rent Expense 25,000 Insurance Expense 5.000 Depreciation Expense 10,000 Interest Expense 2.000 Income Tax Expense 4,000 Totals $460,555 25.000 25,000 10,000 50,000 75,000 25,000 50,000 150,555 $460,555 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Operating Income" on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting

Authors: Robert N. Anthony, Leslie Pearlman Breitner

8th Edition

0130406716, 9780130406712

More Books

Students also viewed these Accounting questions