Multiple-Step and Single-Step Income Statements The following items were derived from Gold Company’s December 31 adjusted trial balance Cost of goods sold $101,000 Sales195,000  General and administrative expenses 20,000 Loss from strike (pretax) $9,000 Selling expenses $28,000 Interest revenue $4,000 Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required:  3. Next Level Discuss how Gold Company’s income statement in Requirement 1 might be different if it used IFRS.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Multiple-Step and Single-Step Income Statements The following items were derived from Gold Company’s December 31 adjusted trial balance

Cost of goods sold $101,000

Sales195,000 

General and administrative expenses 20,000

Loss from strike (pretax) $9,000

Selling expenses $28,000

Interest revenue $4,000

Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income.

Required:  3. Next Level Discuss how Gold Company’s income statement in Requirement 1 might be different if it used IFRS. 

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