Interest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed debits * O True False Gross profit and income from operations are reported on a multiple-step but not a single-step income statement. * True O False
Q: Determine whether each sentence is True or False Interest payable, retained earnings, and sales…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: An account that is classified as a contra-revenue: O a. may include sales discounts and credit card…
A: Solution: A contra revenue account is reverse of revenue account i.e. contra revenue accounts is…
Q: I: Vertical analysis all accounts are presented as percentage of total assets in Balance sheet II:…
A: Vertical analysis means the analysis which is done with the figures of one financial year. For…
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A: Introduction: Accounting Principals are created in order to increase the precision of financial data…
Q: If the credit subtotal is greater than the debit subtotal in the income statement columns of a…
A: Income Statement is a statement which shows all income and expenses of the business for that…
Q: Which of the following is a permanent account? Dividend Declared Allowance for Doubtful ACcount…
A: Permanent accounts, which are also called real accounts, are company accounts whose balances are…
Q: Using the worksheet to prepare financial statements Answer the following questions: Requirements 1.…
A: Worksheet to prepare financial statements- Sometimes the managers use worksheet approach to prepare…
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A: The different accounts in the business have debit or credit balance. According to the rules of…
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A: Normal balance of accounts describes the rules of debit credit in a way, like if the normal balance…
Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…
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Q: The function of expense method reports gross margin and income from operations. True False
A: In function of expense method, the expenses are allocated based on the activity from which such…
Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…
A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…
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A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The principle of revenue recognition results in: a. recording revenue in the income statement b.…
A: In Accounting, there are certain principles and conventions which are followed to get fair view of…
Q: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…
A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…
Q: Net income and earnings are the same thing and are the bottom line of the income statement. True or…
A: Income statement is the summary of revenue and expenses of the company for a particular period. The…
Q: Explain why the income statement can also be called a “profit-and-loss statement.” What exactly does…
A: Net income is generated after analyzing revenues and expenses of the organization.
Q: In a multiple-step income statement, interest expense usually is not classified as an operating…
A: A multi-step income statement is the type of income statement that presents revenues and expenses as…
Q: Gross profit and income from operations are reported on a multiple-step but not a single-step income…
A: Gross profit: It is a profit earned by a firm after deducting its cost related to production from…
Q: A debit balance in the Income Summary account represents a net loss. O True O False
A: The income summary account is a nominal account used to close the temporary accounts of the business…
Q: Which situation indicates a net loss within the Income Statement section of the worksheet? Total…
A: Income statement:Income statement is the financial statement which reports revenues and expenses…
Q: ebits and total credits in the income statement column has to be the same as the difference between…
A: A worksheet (sometimes known as a spreadsheet) is made up of cells into which data may be entered…
Q: Gross income derived from business shall be equivalent to gross sales less sales returns, discount…
A: Formula: Gross income = Net sales - cost of goods sold Deduction of cost of goods sold from Net…
Q: Which of the following statements about income and expense recognition is true? I. The gross profit…
A: Recording of Income statement and Balance Sheet can be done through different methods : Cash basis:…
Q: Which of the following normally has a net credit balance? A. Asset accounts such as cash, accounts…
A: Credit Balance :— It means Credit is greater than debit. It is listed in credit side of trial…
Q: Which of the following statements is correct? Options: • The net income would still be the same…
A: The accrual basis of accounting is the method under which the income earned and expenses incurred is…
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A: The two methods of recognizing revenues and expenses are accrual basis accounting and cash basis…
Q: Which item would not appear on a Balance Sheet? a. Gross Profit b. Accounts Receivable c.…
A: Gross Profit - Gross Profit is defined as net sales minus the cost of goods sold. Since it shows…
Q: Using the worksheet to prepare financial statements Answer the following questions: Requirements…
A: Worksheet to prepare financial statements- Sometimes the managers use worksheet approach to prepare…
Q: Which of the following items in the balance sheet does NOT have a constant relationship with sales…
A: In the percentage of sales method, we forecast line items for the future by using the historical %…
Q: In income statement columns of the worksheet, when total credits exceed total debits, there is * O…
A: The income statement shows the net income earned by the company. Debits of the income statement show…
Q: Which of the following is not a criterion to recognize revenue under GAAP?A. The earnings process…
A: GAAP is the generally accepted accounting principles that are used by the accountants for the…
Q: In a multiple-step income statement, the dollar amount for income from operations is always the same…
A: A multiple step income statement refers to the income statement that shows the operating and…
Q: Which of the following statements would be consideredtrue regarding debits and credits?a. In any…
A: The following is true about debits and credits
Q: On a multiple step income statement, the account interest expense would be located unde
A: Interest expense: Interest Expenses is the Return paid to the Debt holders of the company It is…
Q: Presented below are the assumptions, principles, and constraint used in this chapter. 1. Economic…
A: Going concern assumption: The going concern assumption emphasizes on the longevity of the company's…
Q: FASB suggest that revenues are considered to be earned: a. at the point of sale b. throughout the…
A: According to the FASB revenue is recognized on the accrual basis of accounting which shows that the…
Q: In profit and loss account, if debit is more than the credit, the difference is [A] net profit [B]…
A: In profit & loss (P&L) account the difference between debit and credit balances is termed as…
Q: Which of the following accounts have a debit normal balance? Select one: a. Dividends Payable b.…
A: Ans. b Salaries expense
Q: The income summary account is also called the clearing account the zero-out account the imprest…
A: Income summary is an account which shows the amount earned as revenue from operation and all related…
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- Requirement: a. What is the effect of the errors on Biden's December 31, 20x2 retained earnings? net effects of the errors on Biden's 20x1 and 20x2 profit or loss, repesctively = overstated by P24,000EB2. LO 7.1The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once. A. Source document i. Sales invoice from cleaning company B. Output device ii. Printed check to be mailed to phone company C. Input device iii. Dropbox (online storage) D. Data and information storage iv. Voice-to-text software E. Information processing v. QuickBooks Accounting Software vi. Keyboard vii. Printer viii. Bar code scanner ix. Computer screen x. Flash drive xi. Text scanner xii. Computing interest on a loanitem/company A B Revenue 38.51% 14.23% net income 32.60% 1,596.39% net profit margin -4.26% 1,410.59% ROE 19% 8.6% Based on the information which company has the higher financial performance? state the reason
- Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.59. Question: In conformity with the revenue test, what is the total revenue of the reportable segments? CHOICES: P51,000 P52,000 P71,000 P60,000For company A and D combined, what is the ratio of revenue stream 1 to revenue stream 2?Company Revenue Stream 1 (millions) Revenue Stream 2 (millions) A 159.2 112.5 B 78.7 62.4 C 33.1 87.2 D 38.8 19.5 E 120.4 102.3
- 1-What will be the net income? a. 72000 b. 56000 c. 16000 d. 338000 Clear my choice Question 43 Not yet answered Marked out of 1.00 Flag question Question text What will be the Gross Profit at the end of the year December 2019 a. OMR 56000 b. OMR 16000 c. OMR 338,000 d. OMR 336,000 2-What is the Gross Margin in terms of Percentage? a. 16.66 b. 16.56 c. Cannot be determined d. 20.66 3-What will be the total operating expense? a. 21500 b. 53200 c. 41200 d. 19700 4-What will be the total Selling and distribution expense? a. 41200 b. 19700 c. 14800 d. 1720022. Which situation indicates a loss on the income statement when preparing worksheet?A. Total debits equal total credits.B. Total credits exceed total debitsC. Total debits exceed total creditD. None of the choices 23. Which of the following is not shown in the Balance Sheet?A. RevenueB. CashC. LandD. Accounts Payable 24.In which columns of a worksheet would the adjusted balance of accumulated depreciation appear?A. Adjusted trial balance credit, Balance Sheet debit.B. Adjusted trial balance credit, income statement creditC. Adjusted trial balance debit, balance sheet debitD. Adjusted trial balance credit, balance sheet credit 26. If total credits exceed total debits in the Balance Sheet columns of a worksheet:A. A loss has occurred.B. A mistake has been made.C. A profit has occurredD. No conclusion can be drawn. 27. The components of the balance sheet equation are:A. Assets, income and owner's equity.B. Assets, liabilities and owner's equity.C. Income, expenses and profit.D.…intermediate accounting II not sure what i did wrong when calculating this. please show work and explain. thank you. my work (shown below) 1,190,000 * 12/12 => 1,190,000 * 1.05 = 1,249,500 125,000 * 8/12 => 83,333.3333 * 1.05 = 87,500 132,000 * 7/12 => 77,000 1,249,500 + 87,500 + 77,000 = 1,414,000 numerator / denominator = earnings per share 995,000 / 1,414,000 0.70 picture is provided below
- Please help me solve the following problems. Please be as clear as possible and no typos please :)1) Revenue $18,000Dividends $6,000Expenses $10,0001/1 Retained Earnings $4,00012/31 Retained Earnings-unknown2) Revenue $63,000Dividends $21,000Expenses $38,0001/1 Retained Earnings -unknown12/31 $16,0003) Revenue $46,000Dividends-unknownExpenses $30,0001/1 Retained Earnings $13,00012/31 Retained Earnings $22,0004) Revenue $97,000Dividends $0Expenses-unknown1/1 Retained Earnings $36,00012/31 Retained Earnings $57,0005) Revenue-unknownDividends $80,000Expenses $70,0001/1 Retained Earnings $28,00012/31 Retained Earnings $32,000PB5. LO 3.4Indicate what impact (+ for increase; – for decrease) the following transactions would have on the accounting equation, Assets = Liabilities + Equity. Transaction Impact 1 Impact 2 Paid balance due for accounts payable Charged clients for legal services provided Purchased supplies on account Collected legal service fees from clients for current month Issued stock in exchange for a note receivableMarked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31