Income Statement is a statement which records all the revenue and expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses of the accounting period and computing their difference. To Identify: Single step income statement or multiple step income statement.

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Chapter 2, Problem 2.11MCP

1.

To determine

Concept Introduction:

Income Statement is a statement which records all the revenue and expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses of the accounting period and computing their difference.

To Identify: Single step income statement or multiple step income statement.

2.

To determine

Concept Introduction:

Income Statement is a statement which records all the revenue and expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses of the accounting period and computing their difference.

To Prepare: Income statement of 2015 in format of 2016.

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