COB 241 at James Madison University

7. The Multistep Income Statement

in Topic 2 (Video 7 of 12)
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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 Current Assets 9:57
2 Non-Current Assets 10:25
3 Current Liabilities 6:24
4 Non-Current Liabilites 2:00
5 Contributed Capital 5:10
6 The Classified Balance Sheet 4:48
7 The Multistep Income Statement
You are here. 		12:44
8 Retained Earnings vs Shareholder's Equity 6:41
9 Ratios: Working Capital 2:29
10 Ratios: Current Ratio 4:00
11 Gross Profit vs Net Profit 6:15
12 Profit Margin 3:22
Topic 3 →

Topic 2 Practice Problems

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1 Current Assets Easy
2 Effect on the Current Ratio Easy
3 Retained Earnings Easy
4 Solving for Missing Amounts Moderate
5 Account Classifications Hard
6 Calculating Operating Income Hard
← Topic 1

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