acct209 at Texas A&M

1. The Multistep Income Statement

in Chapters 5 & 6 (Video 1 of 14)
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The single step Income Statement is what we're used to dealing with, but the Multistep Statement gives us much more visibility into the information that actually matters.

This Video Mentioned Some Formulas

Revenues
– Expenses
Net Income
Sales
– COGS
Gross Profit
– Operating Expenses
Total Income From Operations
– Non-Operating Expenses
Income Before Taxes
– Tax Expense
Net Income
(This is the Multi-Step Income statement)

The Rest Of The Videos

1 The Multistep Income Statement
You are here. 		12:44
2 Gross Profit vs Net Profit 6:15
3 Profit Margin 3:22
4 Net Sales 10:03
5 COGS and Inventory 2:57
6 Perpetual vs Periodic 7:10
7 FOB Shipping? 8:51
8 Transportation In 8:41
9 COGS 6:18
10 Drawbacks to Periodic 6:07
11 Specific Identification 2:17
12 Weighted Average 4:21
13 FIFO and LIFO 20:17
14 Estimating with Gross Profit 7:23
Chapter 8 →

Chapters 5 & 6 Practice Problems

Click Here to View All Chapters 5 & 6 Problems at Once View
1 Consignment Inventory Easy
2 FOB Destination Easy
3 Inventory Set Aside Easy
4 Loss On Inventory Easy
5 FOB Shipping Moderate
6 FOB Shipping Moderate
7 Inventory Costing Moderate
8 Calculating Operating Income Hard
9 The Effect of Inventory Errors Hard
← Chapter 4

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