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: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: how much was net income?

A: Net Income = Change in Retained Earnings + Dividend paid Retained Earnings in 2017 = Total…

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: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

Q: - interest expense

A: It is pertinent to note that accrued interest even though not due and payable need to be recognized…

Q: Rental Income and

A: Income statement: The income statement determines the net income of the business by subtracting the…

Q: How much is net income?

A: Financial statements are the set of records of the financial transactions and position of a business…

Q: Is accrued interest an asset, liability or owner's equity?

A: Accrued interest refers to the amount of interest that is earned or incurred till the reporting…

Q: Define Interest cost.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What is purchase returns?

A:

Q: difference between debt and quity

A: A company’s capital consists of two forms, one is equity and the other is debt. When a company is…

Q: What is a deferral expense?

A: Word "Deferral" means the postponement of something happening.

Q: How much is the amount reported as Cther Income?

A: Other income is the income which a business or a company has earned during  the year which has come…

Q: What is the difference between the APBO and the EPBO? What are the components of postretirement…

A: Difference between the APBO and the EPBO:Expected pension benefit obligation (EPBO): The amount of…

Q: What type of account is accrued income

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: What is the net income?

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: What is gross income?

A: The concept of gross income can be understood in two contexts 1. for corporates 2. for individuals

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: what is asset? what is gross profit?

A: Financial statements: These are the financial reports prepared by an organization for a financial…

Q: What is allowance method?

A: Definition:   Allowance method of accounting for uncollectible accounts: This is the accounting…

Q: What is the difference between assets and expenses?

A: Assets and expenses are two different elements of the financial statements of an entity. Assets…

Q: How is the earned income credit determined?

A: Earned income credit: Earned income credit is a refundable tax credit system designed by the federal…

Q: Differences between Accrued Interest and Payments?

A: Answer: An accrued interest is nothing but interest on a loan or an interest on bond that has been…

Q: What is the difference of net income and gross income?

A: The answer is provided as follows:

Q: How is times-interest-earned computed?

A: The times interest earned ratio is a measure of a company's ability to meet its debt obligations…

Q: Define net income.

A: Definition:   Earnings: The bottom line of an income statement which is the result of excess…

Q: What is the amount of tmes-Interest earned?

A: Times Interest Earned: Times interest earned is a ratio which states with how many times the…

Q: what is net income ?

A: Net income is the profit after tax where the profit is the net profit after interest and…

Q: what is Income Projections

A: An income projection statement is a formal document prepared by finance or accounting officers…

Q: Should liability for rent deposit be amortized? Why or why not?

A: The assets are amortized as they provide benefits for the long period.

Q: What are out of period debts? Explain?

A: Out of Period debts: It is also known as time barred debts.

Q: When to recognize expenses?

A: Under the accrual basis of accounting, revenue is considered to have been earned when goods are sold…

Q: What is selling expenses and general expenses?

A: An expense is a cost of running a firm in order to generate income. As the saying goes, "it costs…

Q: What is Accumulated benefit obligation?

A: