What is the net income?
Q: determine the net income
A: To determine the Net income of the business. We have to prepare Income Statements to determine the…
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 comprehensive income, and what does it include?
A:
Q: how much was net income?
A: Net Income = Change in Retained Earnings + Dividend paid Retained Earnings in 2017 = Total…
Q: What are economic events?
A:
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: 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: What is an income summary account? Why it is needed?
A: Income summary accountIncome summary account is a temporary account primarily used for specific…
Q: What are some economic conditions that affectthe cost of money?
A: The economic conditions that impact the cost of money as follows: Fiscal deficits: The variance…
Q: How to prepare pro-forma income statement?
A: Income statement is a statement which shows all incomes, expenses for calculation of net profit or…
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: What is the net income from the following incor
A: Net Sales = Sales - Sales return = 12800 - 360 = 12440
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 net income? Give three examples?
A: Net income is the calculation of the remaining amount with an organization after deducting taxes,…
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: What is the purpose of the income statement?
A: Financial statement: Financial statements are condensed summary of transactions communicated in the…
Q: What is the Operating Income?
A: As per your request the solution is as per your specified requirement. Operating income is the…
Q: What is the median income?
A: Income distribution specifies how the countries income or GDP is distributed among the population.…
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: What is gross profit? How do you calculate it?
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: What is income approach measurement?
A: Step 1 The income approach is a real estate valuation tool that determines fair market value based…
Q: What is the difference between capital expenditure and revenue expenditure?
A: Capital Expenditure: Expenses Incurred and the corresponding benefit out of such expenses lasts for…
Q: Net income will be:
A: Net income can be calculated by using the following formula:
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 asset? what is gross profit?
A: Financial statements: These are the financial reports prepared by an organization for a financial…
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: 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: What is the strategy based on the income statement?
A: Income Statement is one of the most important part of any Financial Statement of the company. First…
Q: What is net worth or shareholders’ net worth?
A: The stock holder’s net worth or net worth is the difference between total assets and liabilities of…
Q: What is the difference between operating and non –operating income?
A: Income statement: The financial statement which reports revenues and expenses from business…
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: 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: How do you calculate net income if retained earning and dividend is given?
A: Net Income = Ending retained earnings - Beginning retained earnings + Dividend
Q: Differentiate between net income and net cash flow?
A: Net Income is the difference between revenue and expenses recognized in an accounting period.Net…
Q: income be affected
A: Operating income is the amount of revenue realized from the operations of the business, after…
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: What are the characteristics of a strong income statement?
A:
What is the net income?
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- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
- How do you Calculate the cost of labor-to-sales ratio from the numbers below Profit & loss account 2019Sales $ 618,603,629 Purchasing costs $ 397,925,058 Material costs $ 217,667,630 Services $ 167,622,858 Use of assets owned by other $ 12,634,569 Costs of employees $ 96,805,799 Depreciation & Amortization $ 27,586,951 Other operating items $ 67,196,537 Variation of Raw Material $ (1,543,807)Operating P/L [=EBIT] $ 29,089,285 P/L for period [=Net income] $ 19,331,064 Calculate the purchase-to-sales ratioCalculate the cost of labor-to-sales ratioJustify your calculationsComment about the value obtained: is in line with what you were expecting, considering the benchmark seen in class?Presented below is information related to Kaisson Corporation for the last 3 years. Base-Year Cost Current-Year Cost Item Quantitiesin EndingInventories Unit Cost Amount Unit Cost Amount December 31, 2019 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2020 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2021 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The beginning inventories of goods in process and finished goods are ₱82,000 and ₱65,000, respectively. The ending inventories are: goods in process –₱75,000; finished goods –₱55,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of sales, respectively. How much would be the net profit before tax in the year 2019? 45,725 ₱ 53,250 ₱ 90,000 ₱ 83,000
- The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…URGENT!! The following are transactions of Corporation R for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect), on credit, P1,000,000 Usage of raw materials, P750,000 (20% are indirect materials) Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. Completion and transfer of individual jobs to finished goods, P1, 555,000 Cost of goods sold,…The following are transactions of Corporation R for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect), on credit, P1,000,000 Usage of raw materials, P750,000 (20% are indirect materials) Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 Allocation of manufacturing overhead to jobs using the predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. Completion and transfer of individual jobs to finished goods, P1, 555,000 Cost of goods sold, P880,000…
- During 2020, Bramble Co. generated revenues of $102000. The company’s expenses were as follows: cost of goods sold of $41000, operating expenses of $16000 and a loss on the sale of equipment of $2700.Bramble’s gross profit is $42300. $45000. $102000. $61000.The sales of Flamingo Manufacturing Corp. in 2021 is P6,100,000. The cost of goods manufactured is P4,800,000. The beginning inventories of goods in process and finished goods are P820,000 and P650,000 respectively. The ending inventories are: Goods in process - P750,000; Finished Goods - P550,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of goods sold, respectively. Sales returns and sales discounts are P100,000 and P200,000 respectively. What is Flamingo's profit for the year 2021?Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…