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ILLUSTRATION 4-2 Income Statement.
Condensed income statement example. As you can see this multi step income statement template computes net income in three steps. For example the income statement of a large corporation with sales of 834979235478 will report 83498 and a notation such as In millions except earnings per share. If an entity publishes condensed financial statements in its interim financial report these condensed financial statements should include at a minimum each of the headings and subtotals that were included in its most recent annual.
This statement is a condensed version of the more detailed income statement presented in Illustration 4-2. The users of the condensed income statements would find it easier to go through this statement glancing directly at what the company has been doing. Lets take an example of a trading company.
The condensed income statement of trading company would summarize different categories of sales into one amount with description of net sales. Compute Gross Profit Total sales Cost of goods sold Step 2. Supplementary schedules can be used to support the totals on the statement.
Cost of goods sold. A condensed income statement is one that summarizes much of the income statement detail into a few captions and amounts. Items to appear on the face of condensed financial statements 3.
This allows an investor to check the general health of the company in a holistic manner quite than viewing the person firms financial statements individually. For example the condensed financial statement offers only one line for the total revenue while the full financial account will have the revenue by products services operating division interest and various other sources of revenue. Lets take a look at a multi step income statement example.
They show a single fictional companys results presented three different ways. Its detailed purchases and changes in inventory will be presented as one amount. Compute Income From Operations Gross profit operating expenses.
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