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    Ahmed Youssri Teleeba
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    The document contains two sample multiple-step income statements for Kramer Corporation and Colins Industries for the period ended December 31, 2015. Kramer Corporation reports net sales of $78,000, cost of goods sold of $53,500, and net income of $8,775. Colins Industries reports net sales of $138,000, cost of goods sold of $75,000, and net income of $26,600. Both income statements calculate gross profit, operating expenses, pretax income, income tax, and earnings per share.

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    The document contains two sample multiple-step income statements for Kramer Corporation and Colins Industries for the period ended December 31, 2015. Kramer Corporation reports net sales of $78,000, cost of goods sold of $53,500, and net income of $8,775. Colins Industries reports net sales of $138,000, cost of goods sold of $75,000, and net income of $26,600. Both income statements calculate gross profit, operating expenses, pretax income, income tax, and earnings per share.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    11 views1 page

    Assign 4yomna

    Uploaded by

    Ahmed Youssri Teleeba
    The document contains two sample multiple-step income statements for Kramer Corporation and Colins Industries for the period ended December 31, 2015. Kramer Corporation reports net sales of $78,000, cost of goods sold of $53,500, and net income of $8,775. Colins Industries reports net sales of $138,000, cost of goods sold of $75,000, and net income of $26,600. Both income statements calculate gross profit, operating expenses, pretax income, income tax, and earnings per share.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Yomna Yousry Abdelrahman


    E5-4B (Similar to E5-12) [LO 3] Preparing a Multiple-Step Income Statement

    Kramer Corporation
    Income statement
    For the period ended on 31 December 2015

    Net Sales 78,000


    Cost of goods sold 53.500
    Gross profit 24,500
    Operations income
    Selling Expenses 6000
    Administrative Expenses 5000
    Total expenses 11,000
    Pretax income 13,500
    Tax rate 35 % 4,725
    Net income 8,775
    EPS 2.7 LE/share

    ------------------------------------------------------------------------------------------------------------------------------------------
    E5-5B (Similar to E5-13) [LO 3] Preparing a Multiple-Step Income Statement

    Colins Industries
    Income statement
    For the period ended on 31 December 2015
    Net Sales 138,000
    Cost of goods sold 75,000
    Gross profit 63000
    Operations income 12000
    Administrative Expenses 13000
    Selling Expenses
    Total operating expenses 25000
    Pretax income 38000
    Income Tax rate 30 % 11400
    Net income 26,600
    EPS 9.5LE/share

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