Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 5.9BE
Multiple-Step Statement of Net Income. Using the information provided in BE5-7, prepare a multiple-step income statement for the current year.
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The income statement form that contains several sections, subsections, and subtotals is called the _________________________.
Group of answer choices
nominal income statement
multiple-step income statement
single-step income statement
real income statement
When performing a horizontal analysis on an income statement, the percentage change inany individual item is calculated by dividing the dollar amount of the change from the baseperiod to the current period bya. the base period amount.b. the current period amount.c. the amount estimated for the future period.d. the average of the base and the current period amounts.
Comprehensive income can be disclosed in various formats. Which of the following is an acceptable format for disclosing comprehensive income?
I.
At the bottom of the income statement, continue from net income and add other comprehensive income to arrive at comprehensive income for the year.
II.
In a separate statement, start with net income and add other comprehensive income to arrive at comprehensive income for the year.
III.
In the statement of stockholders’ equity, net income is adjusted for other comprehensive income to arrive at comprehensive income for the year.
IV.
After retained earnings in the stockholders’ equity section of the statement of financial position, start with net income and add other comprehensive income to arrive at comprehensive income for the year.
Chapter 5 Solutions
Intermediate Accounting (2nd Edition)
Ch. 5 - What are the three limitations of the income...Ch. 5 - In what way is the income statement useful for...Ch. 5 - Prob. 5.3QCh. 5 - Prob. 5.4QCh. 5 - What management behavior does the term earnings...Ch. 5 - What is the difference between permanent and...Ch. 5 - Prob. 5.7QCh. 5 - Prob. 5.8QCh. 5 - Prob. 5.9QCh. 5 - Prob. 5.10Q
Ch. 5 - What are the six key items to be reported on the...Ch. 5 - Explain why operating income is an important...Ch. 5 - Prob. 5.13QCh. 5 - Prob. 5.14QCh. 5 - What items are included in net income?Ch. 5 - Are items of other comprehensive income included...Ch. 5 - What two choices must companies make when...Ch. 5 - Prob. 5.18QCh. 5 - Prob. 5.19QCh. 5 - Are companies reporting under U.S. GAAP required...Ch. 5 - What accounts are summarized on the statement of...Ch. 5 - What is financial statement analysis?Ch. 5 - Prob. 5.23QCh. 5 - What are comparative financial statements and why...Ch. 5 - What is the difference between vertical and...Ch. 5 - Prob. 5.26QCh. 5 - Explain the difference between return on equity...Ch. 5 - How is a companys profit margin calculated?Ch. 5 - Prob. 5.1MCCh. 5 - Moore Furniture Inc., a public company, has...Ch. 5 - Beach and Poole, CPA is reviewing income statement...Ch. 5 - Prob. 5.4MCCh. 5 - Allison Corporations current year income from...Ch. 5 - Prob. 5.6MCCh. 5 - Chili Co. had the following balances at December...Ch. 5 - Szuba Corporation reported the following...Ch. 5 - Prob. 5.9MCCh. 5 - Prob. 5.1BECh. 5 - Prob. 5.2BECh. 5 - Advantages and Disadvantages of the Income...Ch. 5 - Identify each of the earnings items as primarily...Ch. 5 - Income Statement Presentation. Place the...Ch. 5 - Statement of Net Income Presentation, IFRS. Which...Ch. 5 - Single-Step Statement of Net Income. Carr...Ch. 5 - Statement of Net Income, IFRS. Using the...Ch. 5 - Multiple-Step Statement of Net Income. Using the...Ch. 5 - Condensed Statement of Net Income. Using the...Ch. 5 - Prob. 5.11BECh. 5 - Prob. 5.12BECh. 5 - Discontinued Operations. Jojo, Inc. held a...Ch. 5 - Prob. 5.14BECh. 5 - Prob. 5.15BECh. 5 - Prob. 5.16BECh. 5 - Computation of Retained Earnings. Taxi Cabs, Inc...Ch. 5 - Computation of Contributed Capital. Using the...Ch. 5 - Prob. 5.19BECh. 5 - Prob. 5.20BECh. 5 - Prob. 5.21BECh. 5 - Ratio Analyses. Green Grasshopper Incorporated is...Ch. 5 - Multiple-Step and Single-Step Statements of Net...Ch. 5 - Condensed Statement of Net Income. Using the trial...Ch. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Multiple-step Statement of Net Income. The current...Ch. 5 - Condensed Statement of Net Income. Using the...Ch. 5 - Multiple-step income Statement. Ciara s Cookie...Ch. 5 - Prob. 5.8ECh. 5 - Prepare Statement of Stockholders' Equity. Dane...Ch. 5 - Prepare Statement of Stockholders Equity. Ciaras...Ch. 5 - Prepare a Statement of Stockholders' Equity....Ch. 5 - Profitability Analyses. Use the following excerpt...Ch. 5 - Multiple-Step and Single-Step income Statement,...Ch. 5 - Condensed Income Statement. Using the information...Ch. 5 - Multiple-step, Single-step, and Condensed...Ch. 5 - Statement of Net Income Presentation. IFRS....Ch. 5 - Income Statement Presentation, Classification, and...Ch. 5 - Prob. 5.6PCh. 5 - Multiple-step, Single-step, and Condensed...Ch. 5 - Statement of Comprehensive Income Single-and...Ch. 5 - Prepare Statement of Stockholders Equity. Use the...Ch. 5 - Prob. 5.10PCh. 5 - Prob. 1JCCh. 5 - Financial Statement Analysis Case 1: Vertical...Ch. 5 - Prob. 2FSCCh. 5 - Prob. 1SSCCh. 5 - Surfing the Standards Case 2: Amounts Paid by...Ch. 5 - Prob. 1BCCCh. 5 - Prob. 2BCC
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- Multiple-step income statement Identify the enurs in the following income statement and prepare a corrected income statement:arrow_forwardIncome statement items Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.arrow_forwardIn horizontal analysis, each item is expressed as a percentage of the a. latest year figure. b. net income figure. c. total assets. O d. earliest year figure.arrow_forward
- Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Federal income tax due for the previous year is paid.arrow_forwardMulti-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 W ASUS f4 f5 f6 f7 f9 f10 f11 团 %24 4 & 7. 9. Y U I G H JK 因 6 图 近 图arrow_forwardReturn on total assetsarrow_forward
- Which of the following would appear on a multiple-step income statement but not on a single-step income statement? a. b. C. d. Net income Total expenses Total revenues Income before income taxesarrow_forwardPerform a horizontal and vertical analysis. Use 1 decimal place for percentage result on vertical analysis.arrow_forwardwhat is recasting of the income statement, and give three examples of items that are recasted?arrow_forward
- Give 5 Examples of Income Items derived from whatever sourcearrow_forwardWhat is the order of the subtotals that appear on a multi-step income statement? a. Gross Profit, Operating Income, Net Income, Total Other Revenues and Expenses b. Operating Income, Gross Profit, Net Income, Total Other Revenues and Expenses c. Total Other Revenues and Expenses, Operating Income, Gross Profit, Net Income d. Gross Profit, Operating Income, Total Other Revenues and Expenses, Net Incomearrow_forwardThe amount reported for comprehensive income Select one: is the same as net income. is less than net income. is greater than net income. can be greater than or less than net income.arrow_forward
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