Answered: Which of the following is not an…

Business

Accounting

Which of the following is not an element of the income statement? Revenues. Liabilities. Expenses. Gains.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 23MC: Which of the following accounts would not be reported under revenue on a simple income statement? A....

See similar textbooks

Related questions

Q: Committee, and Congresswoman Anna Eshoo (D–CA) reintroduced legislation today that will preserve…

A: Stock-based compensation refers to the concept under which the companies provide their employees a…

Q: Required: Adjust Profit for 2021 ABC Company reported a profit of $ 150,000 before considering the…

A: Adjustment entries are those journal entries which are passed in books of account at the end of…

Q: How can you tell of a company is profitable?

A: Profit. of a Company:After deducting all of the costs associated with running a business, the amount…

Q: Raymond, Inc. a manufacturer of piping for the plumbing industry, had the following…

A: Horizontal analysis: It implies to a measurement technique that is used to review and analyze the…

Q: K 716 Kira Steinbeck opened a medical practice. During July, the first month of operation, the…

A: Assets=Liabilities+Equity

Q: Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as…

A: a. SUTA taxes paid to Massachusetts = $17,100 x 4% = $684 b. SUTA taxes paid to New Hampshire =…

Q: Which of the following best describes the independent auditor's approach to obtaining satisfaction…

A: Business organizations are required to charge the depreciation expense so that the assets are shown…

Q: The following items were selected from among the transactions completed by O'Donnel Co. during the…

A: Note Payable :— Note Payable is Liability in nature sometimes Note payable are Long term Borrowing…

Q: Below are the Income Statement and Balance Sheet for Palmer Corporation for the years…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…

Q: work i = aw 11 INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Net sales…

A: Free cash flow are calculated by adding all non cash expenses from net income calculated as per…

Q: Below is an extract of the conversation that Holly Hunter had with you. The extract out- lines her…

A: holly hunter's first question : that how to record the value of orders, which has been received but…

Q: Task A Complete the stock record below for A4 Wallet Files (product code WFA4), and make the…

A: Inventory / Stock Control Management Although they are similar, inventory management and control…

Q: If equity is $300,000 and liabilities are $192,000, then assets equal

A: Balance of both side of balance sheet should be equal. It means Total of equity and liabilities is…

Q: Company H started its business on January 1, 2011. It has purchased 3-insurance policies for various…

A: Unexpired expenses are those expenditures which are made for future period expenses, but payment has…

Q: ocess—Assembly Department Bal., 4,000 units, 25% completed 10,600 To Finished Goods, 92,000 units ?…

A: Work in process inventory refers to the goods of a company that is still in process of production or…

Q: Delima Bhd is considering replacing old machine with a new one to meet the increasing demand for its…

A: INTRODUCTION Cash Flow: The net amount of cash flows flowing into and moving out of a business is…

Q: On January 1, 2022, Broncos Universal issued 12% bonds dated January 1, 2022, with a face amount of…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Jinay Company declares a 50% large stock dividend when there were 5.4 million common shares…

Q: Prepare a budgeted income statement using the information shown. Sales (units) Sales price per unit…

A: A budgeted income statement is a document that helps to estimate and evaluate a business revenue and…

Q: Press Esc to exit full screen Import Ltd imports raw materials from a supplier in the United states…

A: There are two ways for an entity to conduct foreign business. It might conduct foreign currency…

Q: The following are the transactions of Sheldon, Inc., for the month of January. Borrowed $12000 from…

A: A balance sheet comprises: equity, liabilities and assets. Each transaction has an effect on any one…

Q: During 2020, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the…

A: The gross profit margin calculation determines the amount of money left over from the sale of your…

Q: [The following information applies to the questions displayed below.) The following data is provided…

A: Cost of goods manufactured means total costs incurred in manufacturing activities like direct…

Q: Sales Cost of goods sold Depreciation Profit before interest and taxes Interest Profit before tax…

A: The objective of the projected cash flow statement is to provide information about a company's…

Q: On December 1, 20x1, AVS Company issued 10% bonds with a face amount of $20 million. The bonds…

A: Here asked for Multi sub part question we will solve for first three sub part of Multi question as…

Q: Why would a company want to use account numbers on its Chart of Accounts? Multiple Choice To be able…

A: A chart of accounts is a list of the names of the accounts that a company has identified and made…

Q: Mickley Company’s plantwide predetermined overhead rate is $19.00 per direct labor-hour and its…

A: Given Plantwide Overhead Rate = 19 per Direct Labor Hour Direct labor = 260 Direct Labor Rate = 13…

Q: Please show the calculations for one of them how the NRV(b is received.

A: IAS 2 - Inventories IAS 2's main goal is to outline the inventory accounting treatment. It gives…

Q: What is the significance of analyzing financial statements?

A: Introduction: A set of financial statements summarizes an organization's financial results,…

Q: Shockley Co. reported the following amounts in its financial statements: (a) Cost of goods sold (b)…

A: In Overstated Inventory :— An adjustment entry for overstated inventory will add the omitted stock,…

Q: Q.4.1 Cashbook Receipts (Cash is banked on the day of receipt.) Q.4.2 Create individual columns for…

A: Transactions for the month of April for Megabucks Traders is given to us. Cash book and petty cash…

Q: It has been suggested to the president to consider the use of an ABC costing system to allocate…

A: ABC Costing system stands for Activity-Based Costing system. This is a costing system to allocate…

Q: The balances of Up-in-the-Air Travel Service’s accounting equation items for the year ended April…

A: Balance sheet refers to the one of the financial statement which is prepared at the end of period…

Q: Tepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: (Related to Checkpoint 3.2) (Review of financial statements) A scrambled list of accounts from the…

A: Net working capital :— It is the difference of current assets and current liabilities. It shows the…

Q: During 2020, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the…

A: Gross Profit :— Gross profit is the profit a business makes after subtracting all the costs that…

Q: (Calculating financial ratios) The balance sheet and income statement for the J. P. Robard Mfg.…

A: Ratios are calculated using a company's financial statements to analyze its position related to…

Q: TB MC Qu. 8-83 (Algo) Inventory records for Herb's... Inventory records for Herb's Chemicals…

A: Inventory valuation under LIFO Method using perpetual inventory system considers that all items of…

Q: for a contractor, determine the change in the total overhead cost due to the following transa…

A: Overheads, which are also known as Indirect expenses are those expenses that are incurred for…

Q: Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes…

A: Income Statement :— Income Statement of the Company include all Operating Revenue and All Operating…

Q: please use 2021 tax table Raphael and Martina are engaged and are planning to travel to Las Vegas…

A: Federal Tax Status - Married Filled Jointly If a married couple choose to file a joint return, they…

Q: Required: Record the transactions for the month of September 2022 using a financial transaction…

A: Financial transaction worksheet is the statement which is prepared to show the effect of each…

Q: (1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS…

A: Balance sheet :— A balance sheet is a financial statement that reports a company's assets,…

Q: Mention the key features of the Income and Expenditure Account.

A: Introduction: Non-trading entities keep an income and expenditure account to determine the surplus…

Q: (c) much gross margin would be earned? (Round per unit answers to 2 decimal places, e.g. 15.25.)…

A: The costs are classified as fixed and variable costs. The fixed costs remain constant at every level…

Q: Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15, 2012, Frankel…

A: Contract costing is one of the costing method being used by the company for recording and accounting…

Q: Required information [The following information applies to the questions displayed below.] In…

A: T Account :— These are the temporary ledger accounts in which journal entries are posted. General…

Q: Outline any problems you are aware of associated with the discounting of future costs and benefits…

A: The discounting of future cost means that because that will be incurred in future and discounted…

Q: Adjusting Entries for Accrued Salaries Perimeter Realty Co. pays weekly salaries of $14,800 on…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system.…

Q: QUESTION 2 The following is a partial Statement of Financial Position of Juara Bhd: Common stock…

A: Stock dividend is one of the form of dividend being paid to the shareholders. In this, shares of the…

Question

Which of the following is not an element of the income statement?

Revenues.
Liabilities.
Expenses.
Gains.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?
In general, how does the income statement help satisfy the objectives of financial reporting?
Which of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expenses
Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B. assets, liabilities, and owners equity C. revenues, expenses, investments by owners, distributions to owners D. assets, liabilities, and dividends
Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.
Define the terms revenue and expense. How are these terms related?
Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS