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How to prepare a correct multiple-step income statement 175

Question -

1. While services type businesses perform services in exchange for income, merchandise businesses have additional task that must be accounted for properly. To understand how different these two business operations are, you will have to look at their operating cycle:

a. What activities are unique to merchandise businesses?

b. How does management account for the additional task unique to a merchandise operations?

2. How to prepare a correct multiple-step income statement 175 words

3. Accounting differences between and a service and merchandising company.

4. Explain the format of a multi-step income statement. What is the purpose of this statement?

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Accounting Basics: How to prepare a correct multiple-step income statement 175

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