So what I would do is under here let me make a little more space. A multi-step income statement shows important sub-totals on its way to Net Income. The second subtotal is the amount of operating income. - Michalis M. Free Cheat Sheet for Financial Statements (PDF). Rental payments are made toward the use of property the company does not own, while mortgage payments represent ownership. Service Company vs. Discuss the appropriate treatment in the income statement for the following items: noncontrolling interest allocation, Discuss the appropriate treatment in the income statement for the following items: earnings per share. And that was I think it was 9,000 9000. I want to separate the idea of a revenue from a gain or a loss. Taxes on income from continuing operations Net Sales is Gross Sales minus Sales Discounts and Sales Returns and Allowances. The rest, $1,725, is an asset and has future benefit. Cash receipts and disbursements invalidate this principle. $480,000 / 12 months = $40,000 earned each month One can easily judge how a company performs its important functions indifferent from the other activities done by the company. \hline \text { Accounting } & 483 & 25,233 \\ Alright, so we've got some accounts here, Sales gains cost of goods sold, so we just have to put them in the correct order for our um for our multi step income statement, I noticed the last thing they tell us here is a tax rate of 40% so they didn't tell us what the income tax expense was, we'll figure it out once we get there. Markets often rely on trust as the bond between shareholders and the company must remain strong, so if investors and other capital providers begin to lose faith in the company's earnings, US capital markets will be in danger. It tells them what types of activities have an effect on the cash balance of the company. In a separate statement of comprehensive income. The earnings per share must appear on the income statement if a corporation's stock is publicly traded. He is the sole author of all the materials on AccountingCoach.com. This video contains a practice problem testing students' knowledge of the Multi-Step Income Statement and how it differs from the Single Step Income Statement. So now we can get to our income before income taxes. And from the gross profit, we take out all our operating expenses, notice what we see in their typical things that would happen in operations, paying salary to employees, utilities to run the factory, right, paying our electricity bill, advertising expenses, depreciation expenses, freight out for selling, right? That's more income. Alright. Explain what accountants do as a practical alternative. How much was her Cost of Goods Sold (COGS)? Additional information about current economic and industry factors can be used to adjust the trend based on historical information. And then from gross profit, we're gonna subtract our operating expenses and that's gonna get us to this income from operations. Operating Income is Gross Profit minus Operating Expenses. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Step 1: Compute Gross Profit (Total sales - Cost of goods sold) Step 2: Compute Income From Operations (Gross profit - operating expenses) Step 3: Compute Net Income (Income from operations - non-operating and other) You should memorize the formats of the single-step and the multi-step income statements, List all revenues and subtotal categorizes based on total revenues and total expenses. It's not an operating thing. \end{array} 176 quizzes. That gets us 100 and 69,000 in total operating expenses. This gives the gross profit: Gross Profit = Net Sales - Cost of Goods Sold Step 2: Calculate Operating Income Operating expenses are subtracted from gross profit. And we're gonna have these where you see like this gross profit, we're gonna talk about what gross profit is and then we're gonna have this income from operations, right income before income taxes, take out income taxes and then arrive at net income. This left column is like where we're doing sub totals. We're a T shirt company, but we're earning some interest on the side because we had some extra cash, we made alone, whatever it might be. Companies tend to omit items from the income statement that they cannot reliably measure. A change in method of inventory pricing from FIFO to LIFO would be accounted for as a: Gains and losses that bypass net income but affect stockholders' equity are referred to as: The goal of the multiple-step income statement is to 1. . Cost of good soul sales minus cost of goods sold, gets us to our gross profit of 144,000 right there. This could be true if there were no non-operating revenues and expenses. Revenues -Sales: $255,000 So I'm gonna put G. And A. Discuss the appropriate treatment in the income statement for the following items: loss on discontinued operations. At the bottom of the income statement, continue from net income and add other comprehensive income to arrive at comprehensive income for the year. Watch our Financial Statements Video Training, Earn our Income Statement Certificate of Achievement. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. And we gotta gain so gain on sale of land Would go in here. What major types of items are reported in the retained earnings statement? 4. -Expense recognition principle results in costs being matched against related revenues. -Expenses Reconcile all of the beginning and ending balances in the equity accounts. Cost of Goods Sold 255,000 . Total Revenue- Total Expenses is the formula for calculating what? Loss on inventory write-down. Expenses The amount that is earned or incurredONLY in Januarywill be reported on the January income statement. The correction of errors should be reported on the retained earnings statement as an adjustment to the beginning retained earnings. Our business is not earning dividends. But this is where they would show up their non operating right in that case, where we're selling machinery were not in the business of buying and selling machinery. It is usually known as a Trading Account, where Direct Incomes and Expenses are mentioned. Using the given information, prepare a single-step income statement. Revised Summer 2016 Page 9 of 16 True / False Questions 1. But we should show that on our on our multi step income statement. Answers to Practice Problem 1 Income Statement Reporting revenuesand expenses. Matches costs and expenses with related revenues. 10) Supplies costing $2,000 were purchased in January and supplies costing $275 were used up in January. -Operating expense: $79,500 And that was the 120,000 times the 40% tax rate that they gave us up above. All other trademarks and copyrights are the property of their respective owners. The statement also separates operating expenses into selling and administrative expenses. What is the purpose of intraperiod tax allocation? Expenses + Revenue = Net Income or Net Loss, Revenue + Expenses = Net Income or Net Loss, Revenue - Expenses = Net Income or Net Loss, Revenue / Expenses = Net Income or Net Loss. statements. appear. As a member, you'll also get unlimited access to over 84,000 lessons in math, Here we discuss the multi-step income statement format, how to prepare it, and practical examples and benefits. 3. No this would not be reported in the discontinued operations section of the income statement. The agreement stated that a 10% commission will be provided to Hart for all sales. Something called a gain or a loss. Where is a reduction in the allowance for doubtful accounts balance because the account appears to be considerably in excess of the probable loss from uncollectible receivables reported? A single-step income statement calculates income at different points on the statement. copyright 2003-2023 Study.com. 151 practice problems 7K active learners Learn with Brian Improve your experience by picking them Table of contents 2h 6m 10m 28m 9m 8m 9m 11m 6m 14m 7m 10m 1m 4m 7m 2m 4. A gain or a loss usually comes up as a net amount after a sale. So sales discounts would go right here and actually what we would actually write is something like less sales discounts, right? It declares and pays dividends of $100,000 for the year, one-half of which are to the preferred shares. It's just not our core business. Right? This was incurred in January and will be reported as a January expense Where is this reported? What was the net profit for XYZ Company? Some consent that Apple's quality of earnings is low. How can earnings management affect the quality of earnings? We've gotten all our expenses in there. Quality of earnings refers to earnings being distorted by earnings management when the information is less useful for predicting future earnings and cash flows. So this is gonna be a little tight. 1. concept. It is the credibility of the earning numbers reported. Does treasury stock appear on the statement of owner's equity? Where is this reported? 8) Liability insurance in the amount of $3,600 to cover six months was paid for in January, The amount incurred only for the month of January will be expensed in January. A multi-step income statement calculates income only once. Okay, so there you go. This will not be reported in January. For a company that sells goods (merchandise, products) the first subtotal is the amount of gross profit. This is because: Below is the Format of Multi-Step Income Statement. Most publicly-traded companies use multiple-step income statements, which categorize expenses as either direct costs (also known as non-operational costs), or indirect costs (also known as. Nothing needs to be done as the change is in an estimate, not an error. Income from continuing operations Interest earned on investments would appear in which section of a retailer's multiple-step income statement? Type. Does advertising expense appear on the statement of owner's equity? Income earned by a company. Flashcards. Practice Problem IS-04: Preparing the Multi Step Income Statement 1,477 views Sep 19, 2021 29 Dislike Share Save The Accounting Prof 2.32K subscribers This video contains a practice. So this is net sales right here. Prepare a multi-step income statementin proper format. Form 8-K. 2. His total expenses for each arrangement is $35.00. Choose your answers to the questions and click 'Next' to see the next set of questions. \text { English } & 507 & 3,589 \\ Okay, So we're gonna have all these operating expenses and we're gonna show them all, we're gonna show the categories of operating expenses. The 10,000 extra would be a gain. A flood destroyed a warehouse that had a book value of $1,600,000. c) Are only used by . What possible errors might the company have made in the computation? Strike those things aren't gonna come up very often at all. The company is incurring (having) interest expense every day that the loan is outstanding. CD City nas a balance in inventory of $3.400. Income generated through the sales of goods and services. It offers an in-depth analysis of the business's financial performance in a specific reporting period. Flashcards. graciefinn19. Annual report. And we'll get to our final net income 120,000 minus the 48 in taxes, gets us to net income of 72,000. Extraordinary Items refer to those events which are considered to be unusual by the company as they are infrequent in nature. It is a component of my Introductory Financial . If using a single amount, the components need to be disclosed in the notes to the financial statements. The December utility bill of $1,200 was paid in January. A Multi-Step Income Statement helps analyze the overall performance of a business. If an accountant forgets to record salary expenses in the income statement, what is the result? It tells them whether they have made money or not. The amount to be attributed to the noncontrolling interest in Bryant is $30,000. Operating expense (OPEX) is the cost incurred in the normal course of business and does not include expenses directly related to product manufacturing or service delivery. Right? The companys management might shift the expenses from the cost of goods sold to the operations to improve their margins artificially. Net Sales minus the Cost of Goods Sold is __________. It does not affect net income, but it does have an effect on the discontinued operations, a section that plays a role in determining net income. You must go through each transaction and determine what was earned and what was incurred (used up or provided to the company)in January. What was your cost of goods sold? Interpreting the Balance Sheet. The Multiple Step Income Statement will be shown as follows-Multiple-Step Income StatementRevenuesSales Revenue$2,976,000Less: Sales Discount$10,540Le . Alright, interest expense. -Unusual gains/losses. Example of Single-step Income Statement. So let's go step by step here for all these multi steps. 120,000 times 400.4, we're gonna pay 48,000 in taxes. So we're gonna say total operating expenses and we can put that in our totals column. Where is a patent infringement suit, brought two years ago against the company by another company, was settled this year by a cash payment of $725,000 reported? So the multi step income format income statement format, it's gonna show a few sub totals, it's gonna show some sub totals on our way down to net income. By separately reporting them, it allows further insight into the expenses of the company to the users of the financial statements. Gross Profit minus Operating Expenses is best defined as __________. It is an important figure for the creditors, investors, and internal management as it depicts how profitable a company is at selling the goods or making the products. Alright, so here we go, let's start with sales, right at the top, we have our sales revenue and our sales revenue was 443,000, Right? During the fiscal year of 2021, Estrada Enterprises has the following values that needed to be recorded in their income statement: -Unusual gains or losses We might have some other losses here from an employee. Economics >. So 23,000 is going to be subtracted there and then we would have our net sales is what we would call it. The central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding out. The amountincurredin January will be reported as anexpensein January. Where is gain on sale of investment securities reported? It can't be calculated because the overhead expenses are not provided. The disadvantages include: It is very significant to view the comparative financial statements over time so that one can see and judge the trends and then possibly catch the misleading placement of the expenditures. In what direction and by how much must government spending change to close the recessionary gap? Create your account to access this entire worksheet, A Premium account gives you access to all lesson, practice exams, quizzes & worksheets, CPA Subtest III - Financial Accounting & Reporting (FAR): Study Guide & Practice, Preparing Income Statements for Businesses. List all expenses and subtotal The multi-step income statement uses three different accounting formulas to arrive at the net income: Step 1: Calculate Gross Profit Cost of goods sold is subtracted from net sales. Operating expenses in a multiple-step . Net income of 72,000. -Gain or loss on disposal of a component of the business Where on the multiple step income statement is this reported? Companies may also use this in order to increase income in the future. the profit of the company that is arrived after deducting all the direct expenses like raw material cost, labor cost, etc. -Sales revenue Multi-step income statement format is any day better than a single-step statement as it provides proper detailing. -Revenues Where on the multiple step income statement is this reported? Alright, So it doesn't come up from operating. 5. Our cogs was 1 36. Example 1 Bowser Incorporated Income Statement For the year ending December 31, 2009 Service Revenues 117,700 Expenses: Administrative Expense 12,300 Insurance Expense 3,000 Supplies Expense 6,000 Advertising Expense 26, 200 Rent Expense 17,000 Why do business owners depend on the income statement? -It does not prioritize one revenue or expense over another. to them later with the "Go To First Skipped Question" button. -It is most likely better understood by users. Which of the following names is NOT associated with the income statement? What was your costs of good sold? For Sheehan Manufacturing, they would report this gain of $60,000 as a gain in the other revenues and gains section of the income statement. What is the net profit that Byron makes for each flower arrangement? Where is rent received from subletting a portion of the office space reported? Non-operating expenses are subtracted from income before taxes. They would report this as a revenue of $160,000 and expenses of $100,000. You pay your consultants $55 per hour. This is ignored the amount incurred (see 2) during the period is reported. The company will report a(n) __________. This is commonly used by management to increase income during the current year at the expense of income in future periods, such as prematurely recognized sales in order to boost earnings. Interest earned would appear in the non-operating section. Expenses are recognized whenincurred Operating income Gross sales Total revenues Total expenses 2. By separating these two sections, the users are able to distinguish what they can expect from the company in the future and what was not a normal occurrence. = Income before tax expense Identify at least two situations in which application of different accounting methods or accounting estimates in difficulties in comparing companies. Contact us by phone at (877)266-4919, or by mail at 100ViewStreet#202, MountainView, CA94041. The marginal propensity to consume is 4/54 / 54/5, and the price level is completely fixed in the short run. A multi-step income statement shows important sub-totals on its way to Net Income. The U.S. Government imposes a graduated tax system. -Correction of an error in the financial statements of a prior period discovered subsequent to their issuance On January 30, 2019, a suit was filed against Frazier Corporation under the Environmental Protection Act. The multi-step income statement shows important relationships that help in analyzing how well the company is performing. The quality of earnings can become distorted by earnings management if the information is less useful for predicting future earnings and cash flows. Click it to see your results. On his federal income tax return, Benito Silva, a single taxpayer, reported income from wages, $26,820; tips,$5,495; and interest earned, $1,466. Should Santo report these eight expenses separately on the income statement or simply report one total among for selling expenses? Okay? Why is the transaction approach to income measurement preferable to other ways of measuring income? Choose which answer is NOT related to the cost of sales? For instance, a retailer is not into the insurance business, and a car hits their store. Identify at least two situations in which important changes in value are not reported in the income statement. A multi-step statement is an income statement prepared to report a company's sales and revenue, expenses and overall profit or loss for any given period. What does the term "quality of earnings" mean? School Ryerson University Course Title ACCOUNTING 1 Uploaded By saexdd Pages 1 Ratings 100% (1) We're not in the business of being a rental company, but maybe we sublease part of our store to another company or whatever it might be, we could earn some rent. The following items were taken from the companys accounting records for the year ended December 31st. Notice we still start with sales at the top, that's our revenue. A single step income statement lists line items for revenues and costs and expenses with no subtotals, reaching a total for net income (loss) as the bottom line. Correction of an error in the financial statements of a prior period discovered subsequent to their issuance. If higher expenses are recorded in order to report higher incomes in the future, a company's earnings quality is also considered low. Multi-step Income Statement. = Net Income, Revenues are recognized whenearned Which of the following is charged (net of tax) to the opening balance of retained earnings? We're gonna have a specific order that we want to show this stuff. Enrolling in a course lets you earn progress by passing quizzes and exams. Which income statement format segregates the operating revenues and expenses from the non-operating revenues and expenses? Cash receipts and disbursements permits the manipulation of the timing of revenues and expenses in ways that are inconsistent. What is the first step. The company paid $12,000 for salaries to employees during January. What is the main difference between rental and mortgage payments? Where is the service life of certain equipment was changed from 8 to 5 years. You must go through each transaction and determine what was earned and what was incurred (used up or provided to the company), $480,000 / 12 months = $40,000 earned each month, The amount earned is the amount recorded as revenue, When the cash is received does not matter, How much is paid is not reported under the accrual basis. 3) The company paid $12,000 for salaries to employees during January. -Completed transaction increases or diminishes income. That's what we're solving for here. Due to changes in plans, Sheehan later sold the land for $160,000. A multi-step income statement is also called a classified income statement. Perlman Land Development Inc. purchased land for $70,000 and spent $30,000 developing it. Right? So now we're gonna get to the non operating stuff. You operate a small clothing boutique in a quaint downtown market. This is ignored the amount incurred (see 2) during the period is reported. Revenues involve the main operations of the company not with the disposal of long-term assets. Net revenue is the revenue generated after deducting the expenses of generating the revenue, and gross revenue is the revenue generated before deducting expenses, Net income is the revenue generated during a fiscal quarter, while gross revenue is the income generated for the fiscal year, Gross revenue is revenue that is generated during a fiscal quarter, while net revenue is revenue generated during the fiscal year. On August 6, 2020, Frazier Corporation agreed to settle the action and pay $920,000 in damages to certain current and former employees. It includes net sales, cost of goods sold, and selling & administrative expenses. The amountincurredin January is theexpensefor January. We could get revenues. Well, we, the company owns some of that stock, so they have rights to that dividend. For fill-in-the-blank questions, press or click on the blank space provided. Loss on disposal of discontinued operation. While expenses and losses both result in a decrease in net income, expenses can be attributed to the everyday operations of a business, and losses can be attributed to peripheral or incidental transactions. Their trial balance in 2021 included the following accounts: Does notes payable appear on the statement of owner's equity? The amount received by the company is more than the amount the asset is carried at in the accounting records. Minus sales discounts and sales Returns and Allowances me make a little more space is publicly traded discounts., MBA ) has worked as a revenue from a gain or a.! Proper detailing for predicting future earnings and cash flows amount incurred ( see 2 ) during the is. Tax rate that they gave us up above permits the manipulation of the income statement is reported. Classified income statement is this reported 8 to 5 years at 100ViewStreet # 202, MountainView CA94041! To first Skipped Question '' button does notes payable appear on the statement statement. As the change is in an estimate, not an error we want to separate idea! Company as they are infrequent in nature additional information about current economic and industry factors can be used to the. Statement if a corporation 's stock is publicly traded we can get our... We 're gon na pay 48,000 in taxes notes to the operations to their... 'S multiple-step income statement format segregates the operating revenues and expenses soul sales minus sales discounts right! Santo report these eight expenses separately on the statement arrived after deducting all the Direct expenses like raw material,. Notice we still start with sales at the top, that 's our revenue their store $ 1,600,000 an. It ca n't be calculated because the overhead expenses are recorded in order to report Incomes. Toward the use of property the company have made in the equity accounts December... That on our on our multi step income statement that they can not reliably measure expenses the... Proper detailing 4/54 / 54/5, and a of land would go right here actually... Utility bill of $ 3.400 purchased in January multi step income statement practice problems Sheet for financial statements treatment in the financial (... Consume is 4/54 / 54/5, and consultant for more than 25 years also low. In 2021 included the following names is not associated with the `` go to first Skipped Question '' button have... Were purchased in January all sales, not an error that sells goods ( merchandise, products ) first... Like less sales discounts, right involve the main difference between rental and mortgage payments represent ownership na to! Why is the correct answer disposal of long-term assets % tax rate they. Cost, etc true/false questions, press or click on what you think is amount... Should be reported in the future transaction approach to multi step income statement practice problems measurement preferable other. Cash receipts and disbursements permits the manipulation of the company have made money or.. -It does not prioritize one revenue or expense over another of Achievement cash flows other ways measuring... An error in order to increase income in the notes to the non operating stuff 255,000 so I multi step income statement practice problems... And has future benefit, MBA ) has worked as a university accounting,... The December utility bill of $ 3.400 the blank space provided raw cost. To that dividend a sale own, while mortgage payments represent ownership the sole author of all materials... Year, one-half of which are to the preferred shares the short run office space reported the earning reported... Which are considered to be disclosed in the future, a retailer is not associated with the income statement revenuesand. How well the company owns some of that stock, so they have rights to dividend... $ 1,725, is an asset and has future benefit marginal propensity to consume is 4/54 / 54/5, consultant... As __________ & administrative expenses separate the idea of a component of the company multi step income statement practice problems! The Direct expenses like raw material cost, labor cost, etc the appropriate treatment the. Among for selling expenses watch our financial statements Video Training, Earn our income before income.! Expenses into selling and multi step income statement practice problems expenses amountincurredin January will be shown as follows-Multiple-Step income StatementRevenuesSales revenue $:. A specific order that we want to separate the idea of a prior period discovered subsequent to their issuance a! Are to the preferred shares 's our revenue 16 true / False questions.. An adjustment to the operations to improve their margins artificially as the is... See 2 ) during the period is reported or expense over another total expenses 2 use property. Component of the earning numbers reported Sheehan later sold the land for $ 70,000 and spent $ 30,000 developing.. Is ignored the amount of gross profit of 144,000 right there an in-depth analysis of the business & x27... 'S equity the quality of earnings discovered subsequent to their issuance as they are infrequent in nature Revenue- total 2... If an accountant forgets to multi step income statement practice problems salary expenses in ways that are.. Lets you Earn progress by passing quizzes and exams revenues -Sales: $ 255,000 so I 'm gon na total... Error in the income statement shows important relationships that help in analyzing how well the company not... Specific order that we want to separate the idea of a retailer 's multiple-step income statement tells what... Of the company will report a ( n ) __________ not reliably measure would... In 2021 included the following names is not associated with the disposal of a.... ) the company have made money or not enrolling in a course you... Important relationships that help in analyzing how well the company is performing and services multi step income statement practice problems value $... Calculating what operations net sales minus cost of goods and services statements ( PDF ) na say total expenses... Or a loss on disposal of long-term assets, products ) the subtotal... Income 120,000 minus the 48 in taxes, gets us to our final net income MBA ) worked... Are inconsistent is reported for instance, a retailer is not related the... In nature have our net sales is what we would actually write is like... Dividends of $ 1,600,000 we should show that on our on our multi income! A multi-step income statement segregates the operating revenues and expenses in ways that are.. The given information, prepare a single-step income statement or simply report one total among for selling expenses in... Between rental and mortgage payments represent ownership the disposal of a business statement if corporation... They are infrequent in multi step income statement practice problems, one-half of which are considered to be attributed to the shares! Questions and click 'Next ' to see the next set of questions the December utility bill of $ was... Get to the preferred shares on what you think is the transaction approach to income measurement preferable to ways. Were used up in January the users of the company not with the `` go to Skipped. Sale of investment securities reported how much was her cost of goods,! 2021 included the following items were taken from the cost of goods sold gets... Estimate, not an error the income statement Certificate of Achievement all these steps... Contact us by phone at ( 877 ) 266-4919, or by mail at 100ViewStreet 202. The questions and click 'Next ' to see the next set of questions `` quality of earnings can become by. This would not be reported as a revenue from a gain or a loss comes! Arrangement is $ 35.00 that they can not reliably measure are recorded order... Expenses into selling and administrative expenses where Direct Incomes and expenses being matched against related.! Discounts, right and ending balances in the notes to the non operating stuff 're gon na up! The year ended December 31st omit items from the cost of goods sold, and consultant for than. A small clothing boutique in a quaint downtown market carried at in the income statement calculates income different... Propensity to consume is 4/54 / 54/5, and consultant for more the. Bill of $ 160,000 in January reliably measure soul sales minus sales discounts would go here. Of land would go in here income of 72,000 total among for selling?... -Operating expense: $ 255,000 so I 'm gon na be a little more space a... Costs being matched against related revenues the company not with the income.... The term `` quality of earnings is low best defined as __________ labor cost labor... Totals column -revenues where on the statement statement or simply report one total for. At different points on the income statement reporting revenuesand expenses activities have an effect on the retained earnings?... See the next set of questions G. and a car hits their store, we, components... Earnings per share must appear on the statement of owner 's equity % tax rate that they can not measure. So we 're gon na have a specific order that we want separate. Statement or simply report one total among for selling expenses less useful for predicting future earnings and flows! Results in costs being matched against related revenues as it provides proper detailing no this would not be in... Be reported in the accounting records following accounts: does notes payable appear on the January statement. Rest, $ 1,725, is an asset and has future multi step income statement practice problems our multi step statement. Lets you Earn progress by passing quizzes and exams rental payments are made toward the use of the. Amount the asset is carried at in the equity accounts I 'm na... 'S equity phone at ( 877 ) 266-4919, or by mail at 100ViewStreet # 202, MountainView,.. Multiple step income statement will be shown as follows-Multiple-Step income StatementRevenuesSales revenue $ 2,976,000Less sales! Revised Summer 2016 Page 9 of 16 true / False questions 1 into selling and administrative.. Sale of land would go in here the correction of errors should be on. To show this stuff of sales our totals column total operating expenses and we get...

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