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Chapter 5 Accounting for Merchandising Businesses 275 PR 5-5A Multiple-step income statement and balance sheet Obj. 3 ome The following selected accounts and their current balances appear in the ledger of 400 Clairemont Co. for the fiscal year ended May 31, 2018: Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- s 2,949,100 100,000 11,343,000 7,850,000 916,000 $ 240,000 Retained Earnings 966,000 ... Also called a "Profit and Loss Statement". The income statement comes in two separate formats, each on a separate tab - single step with all revenues and expenses lumped together; and multi step that calculates Gross Profit and Operating Income. 2. Balance Sheet - Summarize what your company owns and owes. 3. The income statement for a trading business (a business that buys and sells goods) and for a manufacturing business (a business that makes goods) is quite different to the one shown above. If you would like to see the multiple-step income statement format for a trading business then check out the lesson on Sales, Cost of Goods Sold and Gross ... A multi-step income statement is more complex than a single-step income statement, but it also provides a more thorough overview of the company’s financial position. With these statements, operating and non-operating activities are listed separately. Mar 29, 2019 · An income statement is a key financial document in business. It shows the profitability of a company over a specific period of time. The following guide shows you how to prepare a simple multi-step income statement. A multi-step income statement separates operating income and expenses from non-operational gains and losses.