SINGLE STEP/MULIPLE STEP - Exercise/Solution Video 1, Chapter 4 | INTERMEDIATE ACCOUNTING I

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Welcome guys! In this video. I solve a problem whereby I have to prepare a multiple step and a single step income statement based off on the same givens/question in hopes that you can compare and contrast the differences between each one.
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At 23:00, there is a Loss from flood. If I am right when a loss is taxed, money is actually added. Therefore wouldn't this be 5, 000*0.7 to find the after tax figure? =3, 500 then when you tax this loss it would be (3, 500/0.7)=5000

JKennedyy
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