Q: What formula is used to determine net profit
A: Net profit is the actual income earned by an organization after paying all the expenses. It is…
Q: What does comprehensive income provides?
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
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: WHAT IS THE TOTAL COMPREHENSIVE INCOME
A: Incomes routed through profit and loss are shown pretax and at the end the income tax is reduced…
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: 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 accrual-basis net income.
A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…
Q: What is comprehensive income?
A: Definition: Comprehensive Income: When there is a change in the total stockholder's equity from all…
Q: What does the gross profit percentage measure, and how is it calculated?
A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…
Q: Briefly explain the concepts ‘Profit and loss, Other Comprehensive Income and Total Comprehensive…
A: Profit and loss: The profit and loss is a statement which is being prepared by the entities to know…
Q: Income statement?
A: Income statement is one of the financial statement of the business, which shows all incomes and all…
Q: How much is net income?
A: Financial statements are the set of records of the financial transactions and position of a business…
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: How do you calculate retained income
A: Retained income is the income which is left with the company after distributing the dividend to the…
Q: Definition of income measurement?
A: The income statement is one of the financial statement of the business.
Q: What is meant by net income and net loss?
A: When the company has more amount of revenue it would have positive income whereas when company has…
Q: Net income *?
A: Looking the bottom line of the income statement, net income = P650000
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: allocation of income or loss to have economic effect
A: Income or loss is the net result of operational activities of a business conducted during a…
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: 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 projected net income?
A: A budget can be defined as a quantitative statement developed to ascertain the funds required…
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: 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: Distinguish between operating income and net income?
A: The main purpose of carrying on business operation is earning profits or income. It is the incentive…
Q: What is the return on total assets given the figures attached?
A: Return on total assets is the comparison of operational income with that of the total assets. It…
Q: What makes up gross income?
A: Gross income is direct income of a business generated from direct revenues of the company. It is an…
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: What impact does an increase in expenses have on net income
A: In accounting we say that: Net income = Total revenue - total expenses
Q: What is the gross profit? | Select) How much is the operating expense? [ Select ] | Select) How much…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
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: What is the difference of net income and gross income?
A: The answer is provided as follows:
Q: lationship between Income Measurement and Asset Valuation
A: Profit or loss calculation is a simplified form of income measurement. Income is defined by an…
Q: Define net income.
A: Definition: Earnings: The bottom line of an income statement which is the result of excess…
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 gross profit calculated, and what does it represent?
A: Gross profit is the difference of amount obtained by subtracting Cost of goods sold from Net…
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 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: Net Income and Retained Earning:
A: Borio company had an asset with an $8 book value and its market value is $7. It is decided to…
Q: Where is net profit shown in balance sheet?
A: The profit of a corporation is referred to as net profits.
Q: What is the formula used to get the answers in interest expense and net income?
A: The interest expense is the amount a borrower has to pay against the amount borrowed. It is…
Q: what is the revenue and gross profit
A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…
Q: Comprehensive income is defined as plus other * .comprehensive income Gains And Losses Net Income…
A: Income means the amount earned by an entity after deducting the expenses.
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- Dunn Company recognized a 5,000 unrealized holding gain on investment in Starbuckss long-term bonds during 2019. The company classified its investment as an available-for-sale security. How would this information be reported on a statement of cash flows prepared using the indirect method?Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
- Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.Sandhill Co. reported the following information for 2020: Sales revenue $2520000 Cost of goods sold 1748000 Operating expenses 282000 Unrealized holding gain on available-for-sale securities 85700 Cash dividends received on the securities 9200 For 2020, Sandhill would report comprehensive income of A.$85700. B.$499200. C.$575700. D.$584900.Splish Inc. provided the following information for the year 2020. $ Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities 756,000 302,400 378,000 2,394,000 100,800 1.071,000 138,600 129,402 21,420 235,620 76,230 2,520 SPLISH, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue $ 2394000 Rent Revenue 100800 Total Revenues 2494800 Expenses Cost of Goods Sold 1071000 Selling Expenses 378000 Administrative Expenses 302400 Total Expenses Income From Continuing Operations Before Income Tax Income From Continuing Operations Less : Applicable Income Tax Reduction Income From Continuing…
- Presented below is financial information of the Mayer Corporation for 2020. Gain on the sale of investments Net sales Cost of goods sold Loss on disposal of wholesale division Interest revenue Loss on operations of wholesale division Selling and administrative expenses Dividends declared on common stock Write off of goodwill Dividends declared on preferred stock Effective tax rate on all items is 30% $170,000 $54,000,000 $38,000,000 $690,000 $115,000 $610,000 $9,700,000 $430,000 $800,000 $150,000 Mayer Corporation decided to discontinue its wholesale operations and to retain their manufacturing operations. On July 1, Mayer sold the wholesale operations. During 2020, there were 850,000 shares of common stock outstanding all year. Instructions: Compute each of the following. You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file. If this option does not work please email me to let me…Sandhill Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Cost Fair Value UnrealizedGain (Loss) Catlett Corp. $220000 $183000 $-37000 Lyman, Inc. 209000 225000 16000 $429000 $408000 $-21000 Ignoring income taxes, what amount should be reported as a charge against income in Sandhill's 2021 income statement if 2021 is Sandhill's first year of operation? $37000 loss. $0. $21000 loss. $16000 gain.On January 1, 2018 Alexes Company purchased market marketable equity securities to be held as trading for 5,000,000. The entity also paid transaction cost amounting to P 200 000. The securities had a market value of 5 500 000 on December 31, 2018 and the transaction cost that would be incurred on sale is estimated at 100 000. No securities were sold in 2018. What amount of unrealized gain or loss on these securities should be reported in the 2018 income statement?
- Royalbird Co. reports the following information for 2020: sales revenue $762,900, cost of goods sold $518,900, operating expenses $83,600, and an unrealized holding loss on available-for-sale debt securities for 2020 of $53,600. It declared and paid a cash dividend of $13,990 in 2020.Royalbird Co. has January 1, 2020, balances in common stock $366,000; accumulated other comprehensive income $83,700; and retained earnings $92,370. It issued no stock during 2020. (Ignore income taxes.)Prepare a statement of stockholders’ equity.During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021. Cost Market value A 300,000 400,000 B 1,500,000 1,700,000 C 3,800,000 3,900,000 The entity sold Investment C on January 10, 2022 for P 4,000,000 What is the unrealized gain or loss should be reported in the income statement for 2021? a. 100,000 gain b, 100,000 loss c. 400,000 gain d. 400,000 lossSunland Co. reports the following information for 2020: sales revenue $753,100, cost of goods sold $520,900, operating expenses $84,600, and an unrealized holding loss on available-for-sale debt securities for 2020 of $51,000. It declared and paid a cash dividend of $11,210 in 2020.Sunland Co. has January 1, 2020, balances in common stock $359,700; accumulated other comprehensive income $90,900; and retained earnings $97,460. It issued no stock during 2020. (Ignore income taxes.)Prepare a statement of stockholders’ equity. SUNLAND CO.Statement of Stockholders’ Equitychoose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 Total Retained Earnings Accumulated OtherComprehensive Income Common Stock select an item Ending BalanceDividendsBeginning BalanceOther Comprehensive…
