Which of the following is included in computing the total gross income?  Incidental revenue Net Ordinary income from non-operating activities Net capital gain All of the above

Q: What items are included in the company's operating income?

A: The performance of the company will be evaluated using the operating income of the company.…

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

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: Compute for the consolidated net income.

A: Calculation of Consolidated Net Income to be shown in Consolidated Financial Statements of Quail…

Q: Which statement is incorrect? *

A: Financial statement: Financial information is a written record of an organization and individual…

Q: Under this concept a profit is earned only if the financial (or money) amount of the net assets at…

A: The financial capital maintenance conception is that the capital of a corporation is barely…

Q: answer true or false: gains are increases in net assets from peripheral activities while revenues…

A: First of all we have to understand the meaning of peripheral activities: these are the activity…

Q: The difference between revenues and expenses is net income. What is net income?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: From the above information, prepare a detailed statement of profit or loss for internal use, and a…

A: Profit and loss Account The purpose of preparing the profit and loss account to know the actual net…

Q: Which of the following costs are reported on a company’s income statement andbalance sheet?Income…

A: An Income Statement of a company shows the company's Revenue and Expenses during a particular…

Q: Compute for the consolidated net income

A: The consolidated net income is the combined income of both the parent company and its subsidiaries.…

Q: Which statement is incorrect? * The FUNCTIONAL Income Statement classifies expenses into cost of…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: The statement of profit or loss and other comprehensive income shall present

A: Profit or loss and other comprehensive income: this is a statement prepared by the company for…

Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…

A: Expenditures are the outflows of the business which help in the creation of assets that lead to the…

Q: Describe the depreciation procedures used in income taxation

A: The question deals with the depreciation procedures used in income taxation.

Q: According to the acquired assets should be recorded at the amount actually paid rather than at the…

A: Lets understand the each option given for the question to determine the correct answer. Monetary…

Q: What is “comprehensive income”? Its composition varies from company to company but may include which…

A: Comprehensive income: The total of net income and other comprehensive income (OCI) is referred to as…

Q: How can we determine the net income from operations and then adjust the net income?

A:

Q: Working Capital. Identify the working capital accounts related to, (d) income tax expense. For each…

A: Income tax payable is the liability for the company. It is presented in the balance sheet and posted…

Q: Which of the folowing would be considered an Other Comprehensive income item Ganon dholof dcartinued…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Will taxable income (or losses) and capital gain (or loss) be shared in the same proportion that…

A: Taxes paid are reported as operating activities, even taxes related to investing and financing…

Q: i) calculates the capital expenditure and revenue expenditure that adliana incurred ii)explain why…

A: Capital expenditures are typically one-time large purchases of fixed assets that will be used for…

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: In a restated set of financial statements prepared in accordance with the current cost accounting,…

A: Realized gain is the gain on sale of the asset where its cost price is less than the selling price.…

Q: Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial…

A: Gain or loss on Financial Asset at Fair Value under OCI will be shown as other comprehensive income…

Q: ?The favorable balance of profit and loss account should be Added in liabilities Added in capital…

A: Favorable Balance of Profit and Loss Account: All costs are recorded on the debit side of the…

Q: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…

A: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…

Q: Distinguish between operating and nonoperating income in relation to the income statement.

A: Definition: The income statement is a statement that helps in calculating the income or the profit…

Q: Find the attached file.

A: Asset: It can be defined as any valuable resource that is controlled and owned by the business and…

Q: Which concept is applied to net income and other comprehensive income? A. Borrowed Capital B.…

A:

Q: For fi nancial assets classifi ed as available for sale, how are unrealized gains and losses refl…

A: The unrealized gains and losses are realized as Uncomprehensive Income. It’s a line item which…

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: Discuss the impact of the following ratios and usefulness to users of financial statements. Gross…

A: Gross profit margin is the margin ratio calculated to help the users of financial statement…

Q: The monetary value of the net assets is reported at its historical cost on the balance sheet? a.…

A: Physical capital is represented by the capital utilized for acquiring tangible fixed assets or…

Q: How do gross profits, operating income, and net income differ

A: In finance when making or analyzing an income statement we look into different types of income or…

Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…

A: All revenues, gains, and investments by owners increases the net assets of the business.

Q: Financial reporting purposes, long-lived, revenue-producing assets typically are classified in two…

A: Long lived assets:   Long lived assets are assets that can be held for a longer period of time and…

Q: Assume an income statement with the following classifications: a. Revenues b. Cost of goods sold c.…

A: Step 1 An income statement is a financial statement that depicts profitability of business over a…

Q: The financial capital concept requires that net assets shall be measured at current cost adjusted…

A: so, the correct answer is 3) Historical cost

Q: What is “comprehensive income”? Its composition varies from company to company but may include which…

A: Comprehensive income: The total of net income and other comprehensive income (OCI) is referred to as…

Q: Explain the nature of net income, revenue, andexpenses.

A: Revenues means all operating and non operating revenues of the business for a particular period of…

Q: Compute for the consolidated net income.

A:

Q: Which of the following items is required to be disclosed by geographic area?a. Total assets.b.…

A: Information for the segment needs to be disclosed by geographic area. Identify the correct option:…

Q: If an asset is sold at a gain, why is the gain deducted from net income when computing the netcash…

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

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.