business whereas multi step income statement calculates gross profit W r i t i n g

business whereas multi step income statement calculates gross profit W r i t i n g

The original discussion needs to between 4-8 sentences. Responds 4 sentences is good. included any references. PLEASE LABEL EACH SECTION

PART 1: From the video, Creating the Marketing Plan, answer the following: Strayer University Library or Internet for an article that supports your statement and post the link in your discussion, using SWS formatting, for everyone to read.

  • Read and respond to at least one of your classmates’ posts.
  • Here is an additional discussion involving current events that should be of interest. Please read the article below and feel free to discuss this in the concept of marketing. Make sure to complete the original discussion post too!

    brands and insurrection.pdf


    Hello classmates,

    • In your own words, what is a peer-reviewed, academic reference and why is this necessary?

    Peer reviewed, academic reference is when an article is written by an expert in a particular field then having it reviewed by other experts in the field before it is published. The material is more likely to be scientifically valid and have reached a reasonable conclusion. This high standard of writing and research results in the highest quality of scholarly articles on your subject which is considered an ideal reference source.

    • How can you avoid plagiarism when you are using academic references?

    It’s ok to get inspiration when we are creating something. But, to pass the author’s work as your own would be considered dishonest. Plagiarism is the representation of another author‘s language, thoughts, ideas, or expressions as one’s own original work. Plagiarism is also considered as a breach of journalistic ethics. One way I avoid plagiarism is to create an outline of any writing project. This allows me to list the key points of the project. At that point, I can conduct my research. Once my research is done, I can expand on each point of my outline in my own words.



    Greetings class,

    For this week’s discussion we were asked to discuss Peer-reviews as an academic reference and why is it important. Peer-reviews are used by scholarly and academic journals to assist in the editorial process. This is important to ensure that the piece is reviewed and verified for accuracy from by one or more peers who are experts in the author’s subject area. If it were not for this process it would be difficult for scholarly and academic journals to verify all of the information being published for accuracy. This could lead to misinformation being published.

    I can avoid plagiarism by only using Strayer University acceptable sources within my work. Furthermore, to avoid plagiarism it is important to always include citations for work that I have used from someone else. This ensures the original author receives the credit for the work they created or published. “We refer to plagiarism as an act of submitting a document that belongs partially or completely to somebody else without due reference, and therefore misrepresents the effort that has been carried out by the submitting author” (Perkins,1).


    Mike Perkins, Gezgin Basar, Jasper Roe. May 1, 2020. Reducing plagiarism through academic misconduct education. p. 1-15.

    PART 2: Please respond to the following:

    • Analyze the major pros and cons of a single-step income statement and a multistep income statement. Identify at least two critical items of a multistep income statement that is useful to creditors. Provide a rationale for your response.


    Income statement of a business means a statement which describe about the net income of the business, so a business prepare income statement to know the net income of the business for a certain period. On the other hand, a multi-step income statement is prepared in a very detailed manner to explain and reveal many information about the net income of the business to the user of financial statements.

    There is pros and cons of each type of income statement, a single step statement is an easy statement in comparison of multi-step statement. Single step does not reveals so much information about the business operation it focus only on net income whereas multi step reveals very detailed information about the business operation. Single step statement only calculates net income of business whereas multi step income statement calculates gross profit, operating profit, net income. A user without detailed financial knowledge can read and understand the single step statement but user of multi-step statement requires detailed financial knowledge to understand. Single step statement is only viable in case of small business but big business always requires multi step statement.

    When preparing an income statement a small businesses have two options for reporting: single-step income statement or a multi-step income statement. Multi-step income statements provide an itemized breakdown for the revenue and expenses of business, categorized by operating and non-operating activities. The two critical items of a multistep income statement are:

    Operating income: It is computed as gross profit less operating expenses such as supplies, advertising, sales commissions, or office equipment.

    Non-Operating Head: It provides the incomes and expenses that are not related to the main activities of the company such as lawsuit claim paid by the business and insurance compensation paid by an insurance firm to the business.


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    • Analyze the major pros and cons of a single-step income statement and a multistep income statement. Identify at least two critical items of a multistep income statement that is useful to creditors. Provide a rationale for your response.

    Income statements measures a companies performance when it comes to finances over a period of time. Income statements can be prepared and ready quarterly or annually for review. A single step income statement is simplistic. It takes the information provided and is very straight forward. This kind of income statement is perfect for Sole Proprietors and owners that take part in a partnership. When it comes to telling a relating the information and gathering an overall picture this form is subpar. It does not dive as deep as other statements and leaves out important information tat could be useful in planning for the future of any business.

    A multi step income statement provides an itemization of money movement. These types of statements would help business structures like corporations. Two important pieces of information that can be gathered from a multi step income statement are gross profit and profit margin. These numbers are in turn related to the investors in a picture that portrays the overall health, profitability, and sustainability of a company. A few things to consider that can be seen as a weakness to this structure would be the time that it takes to itemize and the margin of error. Being able to transact then putting that into the statement can be a long process. If the data and transactions are put into the wrong area on the income statement the numbers and the story the numbers tell will not read correctly. This could lead to investors and analysts not getting the correct information. Even though the itemization process can be long and tiresome the end result tells a more complete story of the business. Creditors and investors want to see the potential of the business moving into different seasons. Events such as elections, epidemics, and simple changes to laws can change a way any organization does business. The analysts, creditors, and investors want to make sure the business will be viable and profitable for a long period of time. The information provide on the multi step income statement helps but those individuals look more specifically at the gross profit and operating income to better determine the future of a company and the steps that they will take.

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