Problem -
Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2013, follows. The company applies IFRS, as adopted by the European Union, and reports its results in millions of euros.
Net income € 790 Financial income 26 Financial expenses 94 Operating profit 1,202 Cost of sales 7,352 Income taxes 344 Income before taxes 1,134 Gross profit 7,140 Royalty and commission income 104 Other operating income 143 Other operating expenses 6,185 Net sales 14,492
1. Prepare the multiple-step income statement for the company for the year ended December 31, 2013.
2. Prepare the single-step income statement for the company for the year ended December 31, 2013.