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Prepare the multiple-step income statement for the company

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Question - Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2014, follows. The company applies IFRS and reports its results in millions of Euros.

Net income 564

Financial income 19

Financial expenses 67

Operating profit 883

Cost of sales 7,610

Income taxes 271

Income before taxes 835

Gross profit 6,924

Royalty and commission income 102

Other operating income 138

Other operating expenses 6,281

Net sales 14,534

Required -

1. Prepare the multiple-step income statement for the company for the year ended December 31, 2014.

2. Prepare the single-step income statement for the company for the year ended December 31, 2014.

Reference no: EM132697012

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