income statement fo
Q: Describe the content and format of the income statement.
A: Income Statement : Its also called as Profit and loss statement. This report shows the Incomes ,…
Q: determine the net income
A: To determine the Net income of the business. We have to prepare Income Statements to determine the…
Q: calculate Net Income and total assets
A: Net Income of the business means income generated after deducting all the expenses and costs from…
Q: Explain the term income statement.
A: The income statement (IS) is one of three financial statements (FS) which records the financial…
Q: Prepare Income statement
A: Formula: Net income = Total revenues - Total expenses
Q: How to interpret an income statement?
A: Income statement: It shows all the income earned by the business and the expenses incurred during an…
Q: Classify the item where it goes Income statement , balance sheet
A: Introduction: Income statement: All revenues and expense items are shown in income statement. It…
Q: ntages of Income s
A: Income statement or profit and loss account is a type financial statement that shows the income…
Q: D. Income Statement and E. Balance Sheet
A: Answered:
Q: What is the income statement formula?
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. it tells…
Q: e accrued interest income
A: Interest on note = Amount of note * Interest rate * Number of months elapsed/Number of months in a…
Q: Income Statement
A: Retained earnings refers to that portion of the profit or earnings of a company which is retained or…
Q: Income statement
A: Answer:
Q: What is the basic equation underlying the income statement?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Explain income statement?
A: Financial accounting means summarizing, analyzing, reporting of financial transactions of a…
Q: single-step income statement fe
A: Income statement is one of financial statement showing the financial performance of income and…
Q: Explain why the income statement can also be called a “profit-and-loss statement.”
A: Income statement or profit and loss statement Income statement or profit and loss statement is a…
Q: Income Statement Income Statement Income Statement Income Statement Income Statement
A: 1) Accounts payable = is a liability account so it is recorded on balance sheet. 2)Advance payment…
Q: Income statement?
A: Income statement is one of the financial statement of the business, which shows all incomes and all…
Q: I nee the statement COGM, COGS and income statement
A: Income statement (IS) refers to the statement which states the income as well as loss which is…
Q: Calculate the EBIT. EBIT Calculate the net income. Net income
A: EBIT: Earnings before interest and taxes show the indication of the profitability for the…
Q: Define the term financial ratio.
A: Financial ratio: The financial ratio is used to determine the performance of the business by…
Q: income statement.
A: Gross profit 40% of net sales P620000 Net sales 620000/40% P1550000 Gross sales Net Sales…
Q: How to do income statement? Step by step
A: Following is the procedure to prepare an income statement
Q: Income Statement, i
A: Impairment Loss 280 Service Income 204500 Salary Expense 114600 Rental Income 22000 Rent…
Q: How to calculate income statem
A: Income Statement The income statement is one in all the main financial statement for a business that…
Q: Why is the income statement called a dynamic financial statement?
A: Income statement is that financial statement that shows the different income as well as expenditures…
Q: Prepare the Income Statement t
A:
Q: Show the income statement equation and define eachelement.
A:
Q: Net income calculated
A: Net income represents the income eared by the company that is presented in the income statement.
Q: Define income statement.
A: Income statement generally known as profit and loss statement or statement of income and expenses…
Q: Net Income , SFP
A: Net Income is the excess of revenue over expenses.
Q: Income statement
A: Financial statements are referred as the records of the business operations and financial…
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: Define net income.
A: Definition: Earnings: The bottom line of an income statement which is the result of excess…
Q: hat is the standard income statement equation'
A: Standard income statement equation contains 3 parts Net income , revenue and expenses . Net income…
Q: e income summary account
A: The income summary Account is also called as Income statement Account. And the income summary…
Q: Income fr
A: Assumptions :- 1] From…
Q: When is the The Income Statement used?
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Define the term income summary.
A: Closing entries: Closing entries are those journal entries which are passed to transfer the balances…
Q: er sequence of financial statement pr
A: Financial statements are prepared to provide financial information of the business to its…
Q: Make a Statement of Comprehensive Income.
A: Income statement means the statement which show the cost of goods sold and selling price and give…
Q: What are the components of income statement?
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Economic income
A: Accounting income is the amount of income transferred from the balance of income statement to…
Q: Identify the uses and limitations of an income statement.
A:
Question 7 Part 2
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- The following is the adjusted trial balance data for Ninos Pizzeria as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance. Multistep Income StatementOn December 31, 2018, the balances of the accounts appearing in the ledger of Home City Furnishings Company, a furniture wholesaler, are as follows: Rent revenue $12,000 Sales $3,250,000 Accounts receivable 500,000 Cash 530,000 Administrative Expenses 200,000 Cost of Merchandise Sold 1,600,000 Selling Expenses 250,000 Interest expense 6,000 Prepare a multi-step income statement for the year ended December 31, 2018. Home City Furnishings Company Income Statement December 31, 2018 Sales Less Operating Expenses: Other Revenue and Expense: Net Income
- On the Balance Sheet, what would the Total Current Assets be for Lion Consulting? (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.) Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion,…The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. The two images attached form part of the same table3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period.4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018Badger Bagels had the following separate situations occur during 2016.The company’s accountant is preparing the annual financial statements at December 31, 2016 and has asked you to record the adjusting entries for each situation in the journal entry form. a. The Unearned Revenue account has an unadjusted balance of $8,000 consisting of gift cards sold to customers. Redeemed gift cards that have not yet been recorded total $4,800. b. At the beginning of the year, the company purchased supplies worth $5000 and paid cash. At December 31, 2016, the supplies available are $2000. c. At December 31, 2016, employee wages of $9,200 have been incurred but not paid or recorded. d. Nine months ago, the company paid one year's advance rent of $1200 in cash. e. The company purchased equipment on January 1 by paying $ 100,000 cash. Unrecorded depreciation on equipment is $11,200.
- [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 34,100 Accounts receivable 42,000 Supplies 2,500 Inventory 62,000 Notes receivable 22,000 Interest receivable 0 Prepaid rent 1,900 Prepaid insurance 8,000 Office equipment 88,000 Accumulated depreciation 33,000 Accounts payable 33,000 Salaries payable 0 Notes payable 52,000 Interest payable 0 Deferred sales revenue 3,000 Common stock 74,000 Retained earnings 33,500 Dividends 6,000 Sales revenue 156,000 Interest revenue 0 Cost of goods sold 80,000 Salaries expense 19,900 Rent expense 12,000…The Redford company presented the balances for some of its selected accounts for the month of September as shown in the table that follows. Compute Net Income for Redford Inc. for the month of September 2018. Rent Expense $ 3,600 Salaries Expenses $ 1,600 Interest Expense $ 600 Service Revenue $ 7,200 Cleaning expense $ 200 Group of answer choices $ 1,200 $ 2,000 $ 8,400 $ 2,800You are to enter the following transactions in the books of PP Enterprise, post to accounts, balance off the accounts, extract a trial balance and prepare profit or loss statement and balance sheet as on July, 2016 1. Credit purchases from: K Hill £380; M Norman £500; N Senior £106,: R Morton £200; J Cook £180; D Edwards £410; C Davies £66. 2. Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356, A Green £307; H George £250; J Ferguson £185. 3. Returns outwards to: M Norman £30; N Senior £16. 4. Returns inwards from: E Phillips £18; F Thompson £22. 5. Credit sales to: E Phillips £188; F Powell £310; E Lee £420 6. Credit purchases from: C Ferguson £550; K Ennevor £900. 7. Returns inwards from: E Phillips £27; E Rigby £30. 8. Returns outwards to: J Cook £13; C Davies £11. 9. Credit sales: T Thompson £56; L Rodriguez £148; K Barton £145. 10. Credit purchases: P Potter £144; H Harris £25; B Spencer £76, B Perkins £24; H Harris £58; H Miles £123 11. Credit sales: K Kelly £89; N…
- The Redford company presented the balances for some of its selected accounts for the month of September as shown in the table that follows. Compute Net Income for Redford Inc. for the month of September 2018. Salaries Expense $ 4,600 Rent Expenses $ 2,600 Interest Revenue $ 300 Service Revenue $ 12,200 Income Tax Expense $ 800 Group of answer choices $4,500 $3,900 $9,700 $1,400You are given the following selected transactions of Bobby merchandising for the year ended December 31, 2020. You are required to prepare the adjusting journal entries without explanations.a. Supplies on hand account is shown in the books with a balance of P450. An actual count shows only P150 worth of supplies are still on hand.b. Interest of P60 was debited to Prepaid Interest account for interest paid in advance on a 60-day-6% note dated December 16.c. Salaries of P850 remain unpaid as at the end of the year.d. Office equipment was bought for P50,000 on May 31 of the current year. It is expected to be useful for only 7 years and have a salvage value of P8,000.e. Commission Income account which is shown in the books at P1,000 is only ¾ earned.f. A bill for P2,000 for services rendered to a client has not been collected.g. It is expected that only 95% of outstanding accounts receivable of P20,000 will be collectible.h. Unearned Rental Income account which is shown in the books at…[The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 30,000 Accounts receivable 40,000 Supplies 1,500 Inventory 60,000 Notes receivable 20,000 Interest receivable 0 Prepaid rent 2,000 Prepaid insurance 6,000 Office equipment 80,000 Accumulated depreciation 30,000 Accounts payable 31,000 Salaries payable 0 Notes payable 50,000 Interest payable 0 Deferred sales revenue 2,000 Common stock 60,000 Retained earnings 28,500 Dividends 4,000 Sales revenue 146,000 Interest revenue 0 Cost of goods sold 70,000 Salaries expense 18,900 Rent expense 11,000 Depreciation expense 0 Interest expense…