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Ch(6): Income Statement for Merchandise Business122Chapter (6):Income StatementforMerchandising BusinessLearning Objectives:After studying this chapter, you should be able to:1-understand thecontent andformat of theincome statement.2-format of the income statement.3-explainthe computation and importance of net profit under a multiple %u2013step income statement.4-explainthe computation and importance of cost of goods sold.5-explainthe computation and importance of net profit under a single %u2013step income statement.A Look BackChapter 5: Focuses on disposal of plant assets A look at this chapterThis chapter focuses on preparing income statement for merchandise business A Look AheadCompleting the accounting cycle