Question: For this assignment, students will prepare a Multi-Step Income Statment based upon the example on Exhibit 9-7 on page 338 in the textbook. 1) Click

For this assignment, students will prepare a Multi-Step Income Statment based upon the example on Exhibit 9-7 on page 338 in the textbook.

1) Click on the Link, Sample Single-Step Income Statement.

2) Using a Word document or Excel spreadsheet, create a Multi-Step Income Statement from the data on the Sample Single-Step Income Statement.

For this assignment, students will prepare a

Exhibit 9-7 Income Statement Format Alternatives I. Single-step format: CRUISERS INC. AND SUBSIDIARIES Consolidated Income Statement For the Years Ended August 31, 2020 and 2.019 (000 omitted) Net sales Cost of goods sold Selling expenses General and administrative expenses Interest expense Other income. net Income before taxes Provision for income taxes Net income 2020 $77,543 48,0?7 13,957 9,?39 3.378 385 $ 2.??? 1,250 $ 1.527 2019 $62,531 39,870 10,590 8,191 2,679 193 $ 1,394 630 $ 764

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