Income statement shows the net income of the company after deducting various expenses of the company from total revenue. It is prepared using two methods which are single step income statement and multiple step income statement. To identify: The income statement of 2016 and 2017 as single step statement or multiple step statement.

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Chapter 2, Problem 2.11MCP

1.

To determine

Introduction: Income statement shows the net income of the company after deducting various expenses of the company from total revenue. It is prepared using two methods which are single step income statement and multiple step income statement.

To identify:The income statement of 2016 and 2017 as single step statement or multiple step statement.

2.

To determine

Introduction: Income statement shows the net income of the company after deducting various expenses of the company from total revenue. It is prepared using two methods which are single step income statement and multiple step income statement.

To convert:The income statement of 2016 in the format of income statement of 2017.

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