There are many different ways to discuss the Multi-Step Income Statement, especially in the context of when you are completing Annual Report. This is just one of the ways, and hopefully, it helps you understand some of the dynamics better.
Sales (-) Sales Discounts (-) Sales Allowances = Net Sales (-) COGS = Gross Profit OPEX (-) Depreciation (-) Supplies, Repairs, Advertising, Freight, Utilities = Income from Continuing Operations Other Gains and Losses (-) Loss on Sale (+) Gains = Income from Continuing Operations Before Income Tax (-) Income Taxes = Income Before Discontinued Operations (-) Discontinued Operations (+) Income Tax Benefits = Net Income EPS Some quick notes:
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