How to compute the amount of net income or net loss
Want to see the full answer?
Check out a sample Q&A here
Related Accounting Q&A
Find answers to questions asked by students like you.
Q: What is the net income What is the total comprehensive income/loss?
A: Comprehensive Income has all increases in equity over a lifetime, with the exception of those…
Q: How to find the net income? How to find the revenue expense?
A: Net Income Net Income is refer as the net profit or the profitability of the company. Net Income is…
Q: How is net income calculated? Define revenues and expenses
A: Revenues: Revenue refers to the earnings of a business. It includes the sale proceeds of goods,…
Q: How is net income calculated? Define revenues and expenses?
A: Formula to calculate net income :Net income = Sales revenue + Interest revenue - (Total expenses +…
Q: What is the tabular approach for finding the net income?
A: Net Income is the profit calculated after deducting all the expenses and paying off all the…
Q: how do you calculate the net income
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: Define net income and explain its computation.
A: Net income is the amount of income which is left over revenue after all the expenses have been…
Q: What is the difference of net income and gross income?
A: The answer is provided as follows:
Q: Define net income.
A: Definition: Earnings: The bottom line of an income statement which is the result of excess…
Q: What are the definition criteria of an income and an expense?
A: Ans. Income is money what an individual or business receives in exchange for producing goods or…
Q: Measurement of income method consists of what exactly?
A: There are three methods of measurement of National Income. These are: 1. Product Method 2. Income…
Q: Which are the total interest expense in the income statement?
A: Interest expenses mean costs related to financing. It is also called finance costs. From the above…
Q: Explain the nature of net income, revenue, and expenses.
A: Rules of Debit and Credit: Following rules are followed for debiting and crediting different…
Q: How do I determine net income
A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…
Q: How does EVA differ from accounting net income?
A: Economic Value Added and accounting net income are the methods of businesses that can be used to…
Q: what the difference between accounting income and economic income?
A: Accounting income can be defined as an estimate of the performance in the operations of the company.…
Q: What is the net income
A: Income refers to the revenue which is received by the business when goods and services are sold or…
Q: Compute the net income.
A: The net income of the company is (b) $204,750.
Q: What is the difference between income statement and statement of comprehensive income?
A: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules and…
Q: What is net income
A: Net income (NI), also called net earnings
Q: What is net income
A: Net income is shown in bottom line
Q: What is net income
A: Net income consist of all income and expenses related to the business, any expenses or income not…
Q: How much is net income
A: Net income = Sales + other income - cost of sales + opening inventory - closing inventory -…
Q: How do defreinciate between a accured income and prepaid income
A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…
Q: A. Net income
A: The right answer is C Cost of Sale
Q: Determine the net income (loss) for the period.
A: Adjusted trial balance: Adjusted trial balance is summary documents from all the ledger balances…
Q: What items are included in Accumulated Other Comprehensive Income (Loss)?
A: In Accumulated Other Comprehensive Income (AOCI) we report unrealized gain/loss of special items in…
Q: Explain the nature of net income, revenue, andexpenses.
A: Revenues means all operating and non operating revenues of the business for a particular period of…
Q: Define accrual-basis net income.
A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…
Q: Describe the format used to report the components of net income.
A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…
Q: What is Schedule D net income
A: Capital gain or loss can be defined as the gain or loss incurred by the sale of capital asset, that…
Q: deductions from gross income? *
A: Correct Answer :- C discounts given to senior citizens on certain goods and services.
Q: How do you determine net income applying the accrual accounting model?
A: Accrual Accounting Model:This method is a widely used basis of accounting that suggests the timing…
Q: Define components of net income.
A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…
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: What is the Net income?
A: Net income is simply the total profit earned by an entity or organization during a given period…
Q: What is the net income?
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: Definitions of Common Income and Expense Items
A: Common Income can have following definitions: Common income is the excess of revenue over costs for…
Q: Definition of income measurement?
A: The income statement is one of the financial statement of the business.
Q: How much income should be declared by Junnel?
A: When creditor foregoes part/full claim and the creditor also pays cash, then these 2 are considered…
Q: what items are included in an income summary repor?
A: An income summary account is prepared at the end of accounting period to which all the incomes and…
Q: What is referred by unearned income? How is it adjusted in the final accounts?
A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…
Q: What is gross income?
A: The concept of gross income can be understood in two contexts 1. for corporates 2. for individuals
Q: How can we determine the net income from operations and then adjust the net income?
A: Click to see the answer
Q: What is unearned income ,income recived in advance ?
A: Unearned income or Income received in advance: Earned revenue that represents to a future…
Q: What is the difference between a balance sheet and an incomestatement?
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: In accounting terms, what is the difference between profit and loss
A: Accounting is based on the principle of double-entry. It may be described as how a company records…
Q: Net income *?
A: Looking the bottom line of the income statement, net income = P650000
Q: Elements of gross income
A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…
Q: What is the major distinction (a) between revenues and gains and (b) between expenses and losses?
A: The major distinction between revenues and gains (or expenses and losses) depends on the typical…
