2. Multiple-step income statement. Listed below in scrambled order are 13 income

Question

2. Multiple-step income statement. Listed below in scrambled order are 13 income statement categories. Place in the order in which these categories should appear on a multiple-step income statement. (2) Cost of goods sold. () Net income. () Sales. Discontinued operations. Other revenues and gains. Income taxes. Gross profit on sales. (3) Income from continuing operations before income taxes. (1) Operating expenses. Extraordinary item Income before extraordinary items. Income from continuing operations.

Explanation / Answer

1 Sales 2 Cost of goods sold 3 Gross profit on sales 4 Operating expenses 5 Operating income 6 Other revenues and gains 7 Income from continuing operations before income taxes 8 Income taxes 9 Income from continuing operations 10 Discontinued operations 11 income before extraordinary items 12 Extraordinary item 13 Net income Note: In question it is mentioned 13 items , but only 12 is written No 5 operating income is missing, but I have written it on proper place.

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