Compute the following: (a) Other income & expenses, (b) Financing Cost, (c) Income Tax, (d) Discontinued
Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…
A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…
Q: Why is the income statement called the "profit and loss statement"?
A: Income Statement is called the profit and loss statement because it records all the incomes and…
Q: indicate whether the statement describes a multiple-step income statement or asingle-step income…
A:
Q: What is the fees earned and net income of this income statement?
A: Net income is the excess of revenue over expenses. Net income is calculated under income statement…
Q: can refer to a company's remaining revenues after paying all expenses and taxes. Select one: a.…
A: Revenue is the total amount of income generated by business by way of selling of goods and services.…
Q: The difference between revenues and expenses is net income. What is net income?
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: In accordance with PAS 1, which of the following expenses need not be presented separately in the…
A: Solution: In addition to items required by other PAS, the profit or loss section or the statement of…
Q: Prepare the following i. The income & expenditure account for the financial period
A: Income and expenditure is similar to P & L A/C of trading /business entities.it is used by non-…
Q: Explain the difference between net income and comprehensive income and howwe report components of…
A: Financial statement: Financial statement is a record of all the financial activities of the…
Q: Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the…
A: Income and Expenditure Account: Its a summary of all incomes and expenditures of current accounting…
Q: Interest expense would be classified on a multiple-step income statement under the heading O…
A: Interest expense is an expenses.
Q: Explain the difference between statement of financial position and statement of comprehensive…
A: The statement of comprehensive income represents the entity's financial performance (profitability)…
Q: Which of the following would not be found on a single-step income statement? Revenues. Gross…
A: The single-step format uses only one subtraction to arrive at net income. Here expenses are deducted…
Q: Which of the following is not an element of the financial statements? Multiple Choice Net income…
A: Solution:- Introduction:- The following items is not a element in financial statements as follows…
Q: The income statement includes Group of answer choices -expenditures, net worth, surplus or deficit.…
A: Income statement is one of the financial statements that helps in depicting the profitability of an…
Q: The income statement is also known as the Select one: Oa. Net Income and Expense Statement Ob. Cash…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: The numerator of the return on total assets is a. net income b. net income plus tax expense c.…
A: Return on Total Assets = Net Income + Interest Expenses (1-Tax Rate) / Average Total Assets
Q: How can we determine the net income from operations and then adjust the net income?
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Q: How/where is a revenue increase shown on a pro forma income statement?
A: Pro forma income statement is the budgeted or estimated income statement which shows all estimated…
Q: What is the net income from the following incor
A: Net Sales = Sales - Sales return = 12800 - 360 = 12440
Q: In accordance with U.S. generally accepted accounting principles, which translation combination is…
A: If the U.S dollar is the functional currency of the subsidiary company then the temporal method as…
Q: Which of the folowing would be considered an Other Comprehensive income item Ganon dholof dcartinued…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Prepare a partial income statement, beginning with income before income taxes.
A: The income statement is one of the financial statements of the business entity. It reports…
Q: If a company capitalizes costs that should be expensed, how is its income statement for the…
A: A capitalized cost seems to be an element that is added to the cost structure of a fixed asset on a…
Q: How to calculate or compute the operating income and the net income
A: Operating Income: Income generated from the business operation is called operating income. In simple…
Q: Which of the following items isreported net of related income taxes?a. Gain or loss from…
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Q: Which of the following is not included under other income? a. Rent received b. Commission received…
A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.
Q: How to compute the amount of net income or net loss
A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…
Q: Why should inventories be included in (a) a statement offinancial position and (b) the computation…
A:
Q: Income statements prepared under IFRS usually report an item titled finance costs. What do finance…
A: International Financial Reporting Standards: These are defined as the set of accounting rules and…
Q: Which statement is incorrect? * A.the FUNCTIONAL Income Statement classifies expenses into cost of…
A: Income statements determine the net income of the entity and its included revenue and gains, expense…
Q: On the multiple-step income statement, which of the following would be the least likely to be found…
A: Other losses and incomes head in the multistep income statement shows all the expenses and revenues…
Q: indicate whether the statement describes a multiple-step income statement or asingle-step income…
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: Explain the difference between gross income, gross profit, operating income and comprehensive…
A: Gross Income means the amount of the total revenue from sales of goods or provision of services.…
Q: Which statement is incorrect? A. The FUNCTIONAL Income Statement classifies expenses into cost of…
A: Financial statement: Financial information is a written record of an organization and individual…
Q: 1. What net amount should be reported as OCI for the current year? 2. What amount should be…
A: The comprehensive income can be reposted along with the income statement which includes the…
Q: Which of the following must be charged to the income statement?
A: Answer: Option 4.
Q: Explain the income statement
A: The given Income Statement is a Consolidated Income Statement of Chevron Corporation giving…
Q: Unearned income is credited to the Profit and loss account. Do you agree with the statement?
A: Unearned income is the revenue received in advance for services to rendered in future. For example,…
Q: The costs in the second group are recorded as expenses, but those in the first group are…
A: The cost incurred by the second group is considered as the revenue expenditure of the company, these…
Q: Identify the uses and limitations of an income statement.
A:
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- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
- 61. Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? CHOICES: P115,000 P20,000 P117,000 P97,000A Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000
- Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. P97,000 B. P117,000 C. P115,000 D. P20,000Presented below is information related to Sohar Inc at December 31, 2020. Revenues $1,200,000 Income from continued operation 150,000 Comprehensive income 180,000 Net income 135,000 Income from operation 330,000 Selling & Administrative Expenses 750,000 Income before income tax 300,000 Compute the following: (a) Other income & expenses, (b) Financing Cost, (c) Income Tax, (d) Discontinued operation, (e) Other Comprehensive Income.1. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350000, federal income tax $119,000, dividends received ( less than 20& owned domestic corporation $ 100,000, Cash dividends paid in 2021 $ 40,000, dividends paid January 31 2021 $ 20,000, Consent dividends $ 10,000, Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings tax for Marjorie’s Corporation for the year of 2021 is 1.$97000 2.$90000 3.$110000 4.$100000 Answer is $97,000 please explain this how 2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation’s Accumulated earnings and profits ( E & P) at the…
- FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000I NEED HELP WITH D AND F OF THIS PROBLEM Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019 Sales $ 12,000 $ 10,000 Operating costs excluding depreciation 10,634 8,702 Depreciation and amortization 410 390 Earnings before interest and taxes $ 956 $ 908 Less interest 260 200 Pre-tax income $ 696 $ 708 Taxes (25%) 174 177 Net income available to common stockholders $ 522 $ 531 Common dividends $ 203 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 550 $ 500 Short-term investments 220 200 Accounts receivable 2,750 2,500 Inventories 1,550 1,300 Total current assets $ 5,070 $ 4,500 Net plant and equipment 3,650 3,500 Total assets $ 8,720 $ 8,000 Liabilities and Equity Accounts payable $ 1,100 $…Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2021 2020 Sales $ 2,500.0 $ 2,000.0 Operating costs excluding depreciation and amortization 1,938.0 1,700.0 EBITDA $ 562.0 $ 300.0 Depreciation and amortization 62.0 54.0 Earnings before interest and taxes (EBIT) $ 500.0 $ 246.0 Interest 55.0 44.0 Earnings before taxes (EBT) $ 445.0 $ 202.0 Taxes (25%) 178.0 80.8 Net income $ 267.0 $ 121.2 Common dividends $ 240.3 $ 97.0 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 Assets Cash and equivalents $ 36.0 $ 30.0 Accounts receivable 375.0 300.0 Inventories 468.0 360.0 Total current assets $ 879.0 $ 690.0 Net plant and equipment 621.0 540.0 Total assets $ 1,500.0 $ 1,230.0 Liabilities and Equity Accounts payable $ 250.0 $ 200.0 Accruals 75.0…