Asked by Matthew Mitrano on May 25, 2024

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FocusMore,Inc. ,had the following list of accounts taken from its adjusted trial balance at December 31,2019:
FocusMore,Inc. ,had the following list of accounts taken from its adjusted trial balance at December 31,2019:    Required: Prepare a multiple step income statement for the year ended December 31,2019.(Include gross profit,but ignore income taxes. ) Required:
Prepare a multiple step income statement for the year ended December 31,2019.(Include gross profit,but ignore income taxes. )

Multiple Step Income Statement

An income statement that separates operational revenues and expenses from non-operational ones to calculate net income.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used to prepare financial statements.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the efficiency of core operations before overhead costs.

  • Understand the components and preparation of a multiple-step income statement.
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Subham ChourasiaMay 27, 2024
Final Answer :
FocusMore,Inc.
Income Statement
For the Year Ended December 31,2019
FocusMore,Inc. Income Statement For the Year Ended December 31,2019