Answer:
(B) False
Explanation:
As we know that
Net income = Total revenues - total expenses
The main difference between the single - step income statement and the multi-step income statement due to classifications
In the single - step income statement, we normally
Revenues
Total revenues (A)
Expenses
Total expenses (B)
Net income (A-B)
while in multi-step income statement,
Sales revenue
Less: Cost of goods sold
Gross profit
Less: Operating expenses
General and administrative expenses
Depreciation expense -
Profit before tax
Less: income tax
Net income
So in both the cases, the amount of the net income is equal.
Answer:
The amount of pension expense reported for 2013 is $330,000
Explanation:
In order to calculate the amount of pension expense reported for 2013 we would have to use and calculate the following formula according to the given data:
amount of pension expense reported for 2013= $250,000 + ($2,400,000 × 0.10) - ($1,600,000 × 0.10)
amount of pension expense reported for 2013= $330,000
The amount of pension expense reported for 2013 is $330,000
Answer:
Master status
Explanation:
In the social development of an individual, some certain set of characteristics or social identity is peculiar to individuals in which that individual is known for. Such social identity is what we refer to as the status of an individual.
Status of an individual can be achieved or ascribed. Achieved statuses such as occupation, athlete, teacher, parent, spouse, criminal etc, all statuses gained throughout the course of individuals’ lives. Ascribed status on the or hand are statuses that an individual is born with, such as sex, race etc.
As an individual develops and interacts in a society, any particular status that makes a person well known for and easily identified with is referred to as the master status of the individual. The master status overrides other statuses of the individual. It is the status that confers a social identity that is exceptional on an individual. Master status can be ascribed or achieved.
The status of Venus Williams as one of the top women’s tennis players in the world is a Master status, which is an achieved status that overrides all other statuses that she is known for. Wherever her name mentioned, the first thing that comes to people’s mind is her master status of being a star in tennis.
Answer and Explanation:
1. Margie Johnson would be ethically wrong if she grants the boss's favour to not report inventory shrinkage. Also financial statements would not show a true and fair view if she decides to follow what her boss is asking. She should report true inventory value in financial statements.
2. Yes Ryan is being professional since he is out to improve company's sales and income even though he may be putting pressure on employees to work overtime
Answer:
profit sharing
Explanation:
profit-sharing plan can be regarded as retirement plan which is designed to let an employee to have a share in the profits of a firm. In this particular plan some percentage of the profit made by the company,firm can be received by the employee using the quarterly or annual earnings of the employee as the basis.
