Required: Identify and explain the deficiencies in the presentation of the state

Question

Required: Identify and explain the deficiencies in the presentation of the statements prepared by the company's controller. Do not prepare corrected statements. Include in your answer a list of items which require additional disclosure, either on the face of the statement or in a note. Analysis Case 4-13 Income statement information LO4-12 Refer to the income statement of Sherwin Williams Company in Illustration 4-2 of this chapter. Required 1. Is this income statement presented in the single-step or multiple-step format? 2. What is the company's approximate income tax rate? 3. What is the percentage of net income relative to net sales? Page 228

Explanation / Answer

1 Multiple step format 2 Approximate income tax rate=(495117/1548966)*100=31.96%=32% 3 % of net income relative to net sales=(Net income/Net sales)*100=(1053849/11339304)*100=9.29%

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