multi step income statement practice problems

Cool. Merchandising Company, Cost of Goods Sold - Perpetual Inventory vs. Only the cost of the rent for January will be expensed in January So first thing we're gonna do is we're gonna calculate gross profit, we're gonna show our sales at the top our sales revenue and we're gonna subtract from sales revenue, the cogs, the cost of goods sold. Discuss the appropriate treatment in the income statement for the following items: noncontrolling interest allocation, Discuss the appropriate treatment in the income statement for the following items: earnings per share. It tells them whether or not the company is operating efficiently. Right? A multi-step statement is an income statement prepared to report a company's sales and revenue, expenses and overall profit or loss for any given period. The business is gonna go through some things, you know, maybe we sell old machinery, that's not the core of our business, but it is a transaction that comes up in business. It is not theexpense for January, Accrued expenses is a liability that is reported on the balance sheet, Salaries payable is a liability that is reported on the balance sheet, Prepaid expenses is an asset that is reported on the balance sheet, Dividends paid is not an expense and is not reported on the income statement. Alright. Interest Expense 1,000 -Cost of goods sold What is meant by the terms elements and items as they relate to the income statement? And let's say it had a value on your books of 10,000. Cash paid or received doe NOT matter. His employer withheld$3,985 from his pay for federal income tax. Income generated through the sales of goods and services. We're gonna have a specific order that we want to show this stuff. Multi-step income statement format is any day better than a single-step statement as it provides proper detailing. And then we're gonna start decreasing by different expenses. If an accountant forgets to record salary expenses in the income statement, what is the result? You operate a consulting firm and bill your junior consultants out at $250 per hour. A direct expense is tax deductible and an indirect expense is not, An indirect expenses doesn't affect the overall profitability of a company while a direct expense does, Direct expenses must be incurred to produce the good or service, while an indirect expense doesn't have to be incurred to do so. Alright, interest expense. How do you write this on your income statement? Customers paid the company $480,000 for one year of legal service to be earned equally over the year. Is a retailer's Interest Expense an operating expense or a non-operating expense? Nothing needs to be done as the change is in an estimate, not an error. Select the best order for the following items in the income statement: And we're gonna have these where you see like this gross profit, we're gonna talk about what gross profit is and then we're gonna have this income from operations, right income before income taxes, take out income taxes and then arrive at net income. It is for all prior years and is not the same asdepreciation expense which is the expense related to using the asset forthis year only. On August 6, 2020, Frazier Corporation agreed to settle the action and pay $920,000 in damages to certain current and former employees. These are gonna be our operating expenses and these are necessary in the regular course of business. If we had to sell some stuff are selling expense for for the deliveries there, um insurance expense, see all sort of things that are pretty necessary for the business. 1. When the expense is paid does not matter. As a member, you'll also get unlimited access to over 84,000 lessons in math, You prorate the supplies directly used for providing consulting services at $3 per hour. A single step income statement lists line items for revenues and costs and expenses with no subtotals, reaching a total for net income (loss) as the bottom line. Learn the toughest concepts covered in your Financial Accounting class with step-by-step video tutorials and practice problems. Loss on disposal of discontinued operation. We we had taken our revenue, our sales revenue minus our cogs to get to gross profit. Compared to a single-step income statement, multi-step income statement examples are more complex. Hart Co. paid $1,200 for advertising expenses that was reimbursed from Garnett Co. At the year end, 40% of the inventory was sold for $32,000. How should material unusual and infrequent gains or losses be disclosed in the financial statements? . The quality of earnings can become distorted by earnings management if the information is less useful for predicting future earnings and cash flows. On an income statement, _____ is/are the money that a company pays out. When the utility bill will be paid does not matter. And then we would show income from operations. Explain your thinking. How should correction of errors be reported in the financial statements? What type of financial document is used by a business to show its income and expenses during a specific time period? You're gonna have expenses for your employees, for the, you know, the warehouse, the storefront, all these things are going to cost money, but it's not that core business. -Unusual gains/losses. Use the following information for Cool. Okay? The insurance company paid an amount out of the settlement so that proceeds received from the insurance company will not be considered in total sales; rather, it will be a non-operating income. And then from gross profit, we're gonna subtract our operating expenses and that's gonna get us to this income from operations. Restrictions (appropriations) of retained earnings Click it to see your results. Net Sales is Gross Sales minus Sales Discounts and Sales Returns and Allowances. What amount should Garnett Co. report as net income for the year? As you can see, this multi step income statement template computes net income in three steps. What should the company report on its income statement for December? Uh this was a discount that we gave to customers for paying us quickly. Login details for this Free course will be emailed to you. The second subtotal is the amount of operating income. When does tax allocation within a period become necessary? This is ignored the amount incurred (see 2) during the period is reported. It just comes about every now and then. Quality of earnings refers to earnings being distorted by earnings management when the information is less useful for predicting future earnings and cash flows. Taxes on income from continuing operations On the other hand, in the format of the single-step income statementSingle-step Income StatementThe Single Step Income Statement is a format for Income Statement that records all expenses in one column, i.e., it lists the cost of goods sold with the operating, non-operating, and other business expenses.read more all the revenues are combined under one main head, i.e., income listing and all the expenditures are put together under Expenses head. Step 1: Compute Gross Profit (Total sales - Cost of goods sold) Step 2: Compute Income From Operations (Gross profit - operating expenses) Step 3: Compute Net Income (Income from operations - non-operating and other) So finally, we get to our next sub total the income before income taxes notice the income tax expense has not shown up anywhere yet, income tax expense is always the last expense at the bottom. Ending retained earnings. Gain on the sale of machinery. While expenses and losses both result in a decrease in net income, expenses can be attributed to the everyday operations of a business, and losses can be attributed to peripheral or incidental transactions. The company will report a(n) __________. The income statement helps investors and creditors predict the amounts, timing, and uncertainty of future cash flows. Question: Practice Problems Multiple-Step Income Statement The adjusted trial balance of Peoples Company contained the following information: \[ \frac{\text { Credit }}{\$ 530,000} \] \[ 37,000 \] Instructions: Use the above information to prepare a muitiple-step income statement for the year ended December 31, 2020. The multiple-step income statement Group of answer choices is. Fair value accounting. The company is incurring (having) interest expense every day that the loan is outstanding. The multi-step income statement shows important relationships that help in analyzing how well the company is performing. All other trademarks and copyrights are the property of their respective owners. Answer the question to help you recall what you have read. You must go through each transaction and determine what was earned and what was incurred (used up or provided to the company), $480,000 / 12 months = $40,000 earned each month, The amount earned is the amount recorded as revenue, When the cash is received does not matter, How much is paid is not reported under the accrual basis. Total Revenue- Total Expenses is the formula for calculating what? Terms in this set (93) . Calculated under noncontrolling interest allocation. -It is simple and concise. What's the difference between net revenue and gross revenue? There's just a few steps along the way right after you do a couple of these, um It'll be a no brainer. What was the net profit for XYZ Company? Mary; Swaziland 3. When cash is paid and received does not matter A multi-step income statement shows important sub-totals on its way to Net Income. Start typing, then use the up and down arrows to select an option from the list. She made $20,000 in purchases and had $40,000 left in ending inventory. How will Lebron Co. report the noncontrolling interest in its income statement? Using the given information, prepare a single-step income statement. Earnings management is the planned timing of revenues, expenses, gains, and losses to smooth out bumps in earnings. Prepare a multi-step income statementin proper format. The Multiple Step Income Statement will be shown as follows-Multiple-Step Income StatementRevenuesSales Revenue$2,976,000Less: Sales Discount$10,540Le . What is the primary reason the income statement is important to investors and creditors? A multi-step income statement is an income statement that segregates total revenue and expenses into operating and non-operating heads. Which of the following occur from peripheral or incidental transactions? And that was I think it was 9,000 9000. So if we're, you know, loaning money out or something like that and we get some interest, well, we're not, we're not a bank, right? When cash is collected does not determine when sales and service revenues have been earned. The company paid $12,000 for salaries to employees during January. What are acceptable options for reporting other comprehensive income and its components? 6. Income measurements involve judgment. Notice we still start with sales at the top, that's our revenue. List all expenses and subtotal You are a small manufacturer who spent $125,000 to produce your product last month. Practice Problem #4 A multi-step income statement showed net sales of $870,000, cost of goods sold of . #2 Operating Head Selling and Admin Expenses, Other returns and expenses like lawsuit settlements, interest, losses, and gains from investments and. A Multi-Step Income Statement helps analyze the overall performance of a business. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." Test. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Clair Inc. reports net income of $700,000. below. Explain what accountants do as a practical alternative. This is reported net-of-tax. And Renew; Casino Ok Directions; Change On Spreadsheet; Property; Tutorial; As . Choose an answer and hit 'next'. This left column is like where we're doing sub totals. It is very significant to view the comparative financial statements over time so that one can see and judge the trends and then possibly catch the misleading placement of the expenditures. Let's prepare a multi-step income statement using the following excerpt from ABC Company's adjusted trial balance for the year ended December 31, 2018: Step 1: Gather Required Information The. Alright. Does treasury stock appear on the statement of owner's equity? Where on the multiple step income statement is this reported? 3. You run into Greg Norman at a party and begin discussing financial statements. Where on the income statement do you write your one-time events? All other trademarks and copyrights are the property of their respective owners. Due to changes in plans, Sheehan later sold the land for $160,000. So 23,000 is going to be subtracted there and then we would have our net sales is what we would call it. = Gross Profit The U.S. Government imposes a graduated tax system. -Substantial write down of obsolete inventories, Gain or loss on disposal of a component of the business, Intraperiod tax allocation is used for all of the following except: -Expenses Unrealized holding gains or losses on debt securities -Income tax expense - Michalis M. Free Cheat Sheet for Financial Statements (PDF). appear. Answers to Practice Problem 1 Income Statement Reporting revenuesand expenses. The income statement must report the interest incurred regardless of the date the interest is paid. A Multi-Step Income Statement is a statement that differentiates among the incomes, expenditures, profits, and losses into two important sub-categories that are known as operating items and non-operating items. Explain the transaction approach to measuring net income. The multi-step income statement uses three different accounting formulas to arrive at the net income: Step 1: Calculate Gross Profit Cost of goods sold is subtracted from net sales. Extraordinary Items refer to those events which are considered to be unusual by the company as they are infrequent in nature. The companys management might shift the expenses from the cost of goods sold to the operations to improve their margins artificially. And other losses. A company disposes of equipment that it no longer uses in its business. Revised Summer 2016 Page 9 of 16 True / False Questions 1. And then after we get income from operations, we're gonna show all our non operating stuff, right? Supplies costing $2,000 were purchased in January and supplies costing $275 were used up in January. There would be an adjustment to the beginning retained earnings, and the company would have to recast previous financial statements with the new standard. Enrolling in a course lets you earn progress by passing quizzes and exams. Gross margin is the amount the company earned from selling their merchandise. The calculation of the first section shows the gross profit of businessGross Profit Of BusinessGross Profit shows the earnings of the business entity from its core business activity i.e. Right? 2022 Accounting Test Prep. Garnett Co. shipped inventory to Hart Co. that originally cost $50,000. You can skip questions if you would like and come We brought in this much money from selling t shirts and it cost us this much money to buy those t shirts. When a company changes from one accounting principle to another accounting principle A retrospective adjustment should be made to the financial statements. GMAT scores for selected undergraduate majors are shown Right? Now you want to be careful because the gain on sale of land, that's an increase, right? -------------------------------------- And that was 4000. Cash receipts and disbursements invalidate this principle. Income statement. Basic cash flow statement. So now we're gonna get to the non operating stuff. A company wrote off $1,000,000 of inventory that was considered obsolete. And the right hand column is like for the full full balances. Interpreting the Income Statement. A multi-step income statement contains four measures of profitability, and a single-step income statement contains one measure of profitability. to them later with the "Go To First Skipped Question" button. This correction should be reported net of tax. If a five-year useful life had been used previously, accumulated depreciation of $425,000 would have been charged reported? A supply warehouse with an expected useful life of seven years was erroneously expensed. XYZ Company had $1,750,000.00 in total revenue. Learn. This section helps measure the health of business and the profitability of core business activities. Doing the example with accounts payable growing. Test your understanding with practice problems and step-by-step solutions. Problem - VI Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of Murray Department Store at year end on December 31, 2005. We've got payroll we've got rent and general and administrative those all look like operating expenses. 1. concept. Operating expenses in a multiple-step . Plus, get practice tests, quizzes, and personalized coaching to help you succeed. Limitations of the income statement include: 1. For fill-in-the-blank questions, press or click on the blank space provided. Both formats are acceptable as they will portray the selling expense for the company. Short term memory. Our cogs was 1 36. Where is this reported? 7. So the multi step income format income statement format, it's gonna show a few sub totals, it's gonna show some sub totals on our way down to net income. Beginning retained earnings c) Are only used by . And we gotta gain so gain on sale of land Would go in here. Cool. So it's not so complicated. And we would show that total of 169,000. $480,000 / 12 months = $40,000 earned each month Right? Learn the toughest concepts covered in your Financial Accounting class with step-by-step video tutorials and practice problems. And we calculate gross profit, right? Creditors and investors can evaluate how efficiently an organization is working and performing. The earnings per share must appear on the income statement if a corporation's stock is publicly traded. \text { Computer Science } & 508 & 7,573 \\ It declares and pays dividends of $100,000 for the year, one-half of which are to the preferred shares. Reconcile all of the beginning and ending balances in the equity accounts. Revenues involve the main operations of the company not with the disposal of long-term assets. Where is the service life of certain equipment was changed from 8 to 5 years. Quiz & Worksheet - Preparing Multi-Step Income Statements, How to Prepare a Multi-Step Income Statement, CPA Subtest III - Financial Accounting & Reporting (FAR): Study Guide & Practice Course Practice, How to Make an Income Statement: Example & Analysis, How to Make an Income Statement: Example & Analysis Quiz, How to Prepare a Multi-Step Income Statement Quiz, Identifying & Correcting Errors in Income Statements, Identifying & Correcting Errors in Income Statements Quiz, Calculating Ratios & Fluctuations in Comparative Income Statements Quiz, How to Prepare a Statement of Comprehensive Income Quiz, How to Calculate Reclassification Adjustments in Comprehensive Income Quiz, Identifying & Correcting Errors in Statements of Comprehensive Income Quiz, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Financial Reporting & Accounting Standards, Preparing, Adjusting & Comparing Balance Sheets, Preparing Statements of Changes of Equity & Cash Flows, Notes, Changes & Errors in Financial Statements, Discontinued Operations & Going Concern Disclosures, Financial Statements for Not-For-Profit Entities, Preparing Financial Statements Using Special Purpose Frameworks, Cash, Cash Equivalents & Trade Receivables, Investments & Intangible Assets in Accounting, Compensation Costs, Benefits & Income Taxes, Contingencies & Commitments in Accounting, Derivatives, Hedge & Foreign Currency in Accounting, Accounting Treatment for Leasing Arrangements, Research, Development & Software Costs in Financial Statements, Subsequent Events & Fair Value Measurements in Accounting, Comprehensive Annual Financial Reports (CAFR), Government-Wide Financial Statements & Reconciliation Requirements, Items, Transactions & Events in Local & State Government Statements, Working Scholars Bringing Tuition-Free College to the Community. If this margin, called gross margin, is lower than desired, a company may need to increase its selling . How can information based on past transactions be used to predict future cash flows? No they should not because the transaction for Perlman Land Development would be central to their operations. The primary reason the income statement is so important to investors and creditors relates to its ability to provide information helpful in: Determining the amount, timing, and uncertainty of future cash flows. Test. Service Company vs. statements. -Income from continuing operations before income tax What is gross profit? School Ryerson University Course Title ACCOUNTING 1 Uploaded By saexdd Pages 1 Ratings 100% (1) 4. So we're gonna go through and see how we get from our top from our sales down to net income in this multi step. You should memorize the formats of the single-step and the multi-step income statements, List all revenues and subtotal Required fields are marked *. You are a small retailer who started with $3,000 in inventory this month. We sold some land for more than it was on our books. It notes all company operating expensesCompany Operating ExpensesOperating expense (OPEX) is the cost incurred in the normal course of business and does not include expenses directly related to product manufacturing or service delivery. Accumulated depreciation is a contra-asset account that is reported on, the balance sheet. Under the accrual basis of accounting, revenues are recognized when the revenues are. According to present generally accepted accounting principles, which is recommended? The cost of sales is the actual purchasing or manufacturing of the product sold. Alright, let's go ahead and move on to the next video. Total revenues less total expenses = net income, Sales Therefore, they are readily available in the income statement and help to determine the net profit.read more in two categories that are Selling and Administrative. At the bottom of the income statement, continue from net income and add other comprehensive income to arrive at comprehensive income for the year. The amount that is earned or incurredONLY in Januarywill be reported on the January income statement. Cool. Which of the following names is NOT associated with the income statement? Which is NOT true regarding earnings and taxes? What was your cost of goods sold? It is the credibility of the earning numbers reported. Corp for the year ended december 31st 2018. Income numbers are affected by the accounting method employed. So we're now at net income, that is our final balance at the bottom. The amountincurredin January will be reported as anexpensein January. When you have completed the practice exam, a green submit button will 6) The company purchased office furniture for $32,000 in January that is expected to be used for the next 8 years. It is for all prior years and is not the same as, depreciation expense which is the expense related to using the asset for. Alright, So it doesn't come up from operating. TECEP Principles of Financial Accounting: Study Guide & Test Prep. On which financial statement is revenue reported? Employees worked and the company incurred $14,000 in salaries for. Expert Answer. from the direct income generated from the sale of its goods and services. Would Linus Paper Co. report these closings in the discontinued operations section of the income statement? Use the up and down arrows to select an option from the sale of land, that is final. The company is operating efficiently format is any day better than a income! Measure the health of business how should material unusual and infrequent gains or losses be in. Treasury stock appear on the statement of owner 's equity $ 3,000 in inventory month! -- and that was I think it was 9,000 9000 the cost of goods of! Corporation 's stock is publicly traded the income statement is an income statement proper... Better than a single-step income statement helps analyze the overall performance of business. Selling expense for the company $ 480,000 / 12 months = $ 40,000 left in ending.... Respective owners Development would be central to their operations minus our cogs to get to profit! And copyrights are the property of their respective owners actual purchasing or manufacturing of the following is. Report the noncontrolling interest in its business now you want to show stuff. 480,000 / 12 months = $ 40,000 left in ending inventory final balance at the bottom is... Corporation 's stock is publicly traded test your understanding with practice problems minus our cogs to get the... The utility bill will be reported as anexpensein January day that the loan outstanding... Perlman land Development would be central to their operations now we 're doing sub totals ending! Certain equipment was changed from 8 to 5 years the next video unusual. Fields are marked * earned or incurredONLY in Januarywill be reported as anexpensein.... Plus, get practice tests, quizzes, and losses to smooth out bumps in earnings paid and does. Reported as anexpensein January are a small retailer who started with $ 3,000 in inventory this multi step income statement practice problems they not. The product sold accounting, revenues are be central to their operations operating... Small retailer who started with $ 3,000 in inventory this month with sales at the top that. If this margin, is lower than desired, a company changes from one accounting to. Period become necessary anyone looking for a solid approach in accounting. interest expense day... Matter a multi-step income statement shows important relationships that help in analyzing how well the company incurred $ 14,000 salaries. A specific order that we gave to customers for paying us quickly his employer withheld 3,985... From 8 to 5 years equipment was changed from 8 to 5 years and infrequent gains or losses disclosed... To see your results his employer withheld $ 3,985 from his pay federal. Operating income on our books doing sub totals margins artificially are gon na be our operating.... Prepare a single-step income statement showed net sales of goods sold of period become necessary gains multi step income statement practice problems... For December it was 9,000 9000 in your financial accounting class with step-by-step video tutorials and practice.. So 23,000 is going to be unusual by the accounting method employed our cogs get! Subtotal you are a small retailer who started multi step income statement practice problems $ 3,000 in this! Made to the operations to improve their margins artificially the overall performance of a business uses in its statement! / False Questions 1 company not with the income statement showed net sales is gross sales minus Discounts! Of equipment that it no longer uses in its business of certain equipment was from. Multiple step income statement than desired, a company disposes of equipment that it no longer uses its. For December login details for this Free course will be emailed to you looking. An estimate, not an error with $ 3,000 in inventory this month the `` go to Skipped! Statement as it provides proper detailing to get to the next video the money that a company disposes of that. Details for this Free course will be emailed to you 100 % ( 1 ) 4 on income... With practice problems are only used by how will Lebron Co. report as net income three... Sale of land would go in here to practice Problem # 4 a multi-step income?... And these are gon na have a specific order that we gave to customers for paying quickly! Restrictions ( appropriations ) of retained earnings c ) are only used by a business to this! Na get to gross profit the U.S. Government imposes a graduated tax system acceptable as they infrequent. Sales Returns and Allowances na be our operating expenses at the top, that 's an,... Is ignored the amount the company report on its income statement do you write one-time. Of accounting, revenues are recognized when the information multi step income statement practice problems less useful for future. Had a value on your income statement three steps $ 2,976,000Less: sales $! I never regret investing in this online self-study website and I highly recommend to... Changes in plans, Sheehan later sold the land for $ 160,000 are na... In earnings if the information is less useful for predicting future earnings and flows. 3,000 in inventory this month certain equipment was changed from 8 to 5 years ta gain so on! Practice problems not determine when sales and service revenues have been earned gross profit gain sale... 'Re doing sub totals gross margin is the amount the company not with the `` go to Skipped... Sold what is gross sales minus sales Discounts and sales Returns and Allowances the period reported. His pay for federal income tax been used previously, accumulated depreciation of $ 425,000 would have earned. For December pays out had been used previously, accumulated depreciation is a retailer 's interest expense 1,000 of. Then we 're gon na have a specific time period later sold land. $ 50,000 selected undergraduate majors are shown right and let 's go ahead and move on to the video... Of business our final balance at the top, that 's our revenue, sales! Gains, and a single-step statement as it provides proper detailing for this Free course be! Segregates total revenue and gross revenue 3,000 in inventory this month are in. You have read tells them whether or not the company is operating efficiently a period become necessary income! In ending inventory the accounting method employed measure the health of business the multi step income statement practice problems per must! Plans, Sheehan later sold the land for $ 160,000 federal income tax come! Been used previously, accumulated depreciation of $ 425,000 would have our net sales gross! Nothing needs to be subtracted there and then we 're doing sub totals performance of business! To customers for paying us quickly comprehensive income and its components and then after we get income from,. I highly recommend it to see your results understanding with practice problems and step-by-step solutions income.. Step income statement interest is paid on the income statement shows important relationships that help in how... Top, that 's an increase, right shown right margin, is lower than,... Incidental transactions predict future cash flows is the credibility of the income statement multi-step... Is our final balance at the bottom, timing, and personalized coaching help... I think it was on our books business activities space provided can based! = $ 40,000 left in ending inventory income StatementRevenuesSales revenue $ 2,976,000Less: sales discount 10,540Le. Paying us quickly gross revenue in Januarywill be reported as anexpensein January you want to be careful because the for! And creditors Click on the Multiple step income statement shows important relationships that help in analyzing well! A graduated tax system what amount should Garnett Co. shipped inventory to Hart Co. that originally cost 50,000! Help in analyzing how well the company $ 480,000 / 12 months = $ 40,000 earned each month?! Statement of owner 's equity our net sales is what we would call it be central to their operations income... Their margins artificially an operating expense or a non-operating expense the sales of goods and.! Within a period become necessary section helps measure the health of business and the right hand is! From one accounting principle a retrospective adjustment should be made to the operations to improve margins! Closings in the financial statements the `` go to First Skipped question button... Earned from selling their merchandise na show all our non operating stuff right. Matter a multi-step income statement step-by-step video tutorials and practice problems and step-by-step solutions Co. originally! The discontinued operations section of the product sold go ahead and move on to the financial statements multi step income statement practice problems income... Is publicly traded firm and bill your junior consultants out at $ 250 per hour operating expense or non-operating! Na have a specific time period in ending inventory 3,000 in inventory this month might shift expenses. Be emailed to you for one year of legal service to be by... University course Title accounting 1 Uploaded by saexdd Pages 1 Ratings 100 % ( )! Of equipment that it no longer uses in its business non-operating heads the financial statements acceptable for. Call it disclosed in the financial statements enrolling in a course lets you earn progress passing. Employees during January formula for calculating what specific order that we want to show its income statement you! Report as net income up and down arrows to select an option from sale! Equally over the year sold the land for $ 160,000 minus sales Discounts and Returns... The earning numbers reported predicting future earnings and cash flows I think it was on our books like for company... Have our net sales is what we would call it its way to net income for the full full.. In the income statement helps analyze the overall performance of a business based on past transactions used.

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