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sleet_krkn [62]
1 year ago
12

The income statement reports all of the following except: Group of answer choices The time period over which the earnings occurr

ed. Assets owned by a business. Net income or loss earned by a business. Expenses incurred by a business. Revenues earned by a business.
Business
1 answer:
velikii [3]1 year ago
8 0

All of the following are reported in the income statement, with the exception of Assets owned by a business which is a balance sheet item not included in income statement.

A financial report describing a company's income and expenses over a reporting period is called an income statement. It is usually prepared quarterly or annually and is also known as a profit and loss (P&L) statement. An organization's financial performance over a reporting period is shown in income statements.

The following details are commonly found on an income statement:

Revenue: The amount of money received by a company during a reporting period

Costs : Incurred by a company during a reporting period.

Costs of goods sold (COGS): The total expenses for the parts that make up any good or service that a business produces and sells.

Revenue less the cost of items sold is known as gross profit.

gross profit less operating expenses equals operating income.

Operating income less non-operating costs equals income before taxes.

Net income: Earnings before to taxation

Net income divided by the total number of outstanding shares is known as earnings per share (EPS).

Depreciation: The gradual loss of value in assets over time, including stock, machinery, and property

Earnings before interest, taxes, depreciation, and amortization, or EBITDA

Learn more about income statement here

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Hancock Inc. retains most of its earnings. The company currently has earnings per share of $11. Hancock expects its earnings to
monitta

Answer:

D1 = $3.50

D2 = $3.50

D3 = $3.50

Ke = 10% = 0.1

Po = <u>D1</u> +     <u>D2</u> +      <u>D3 </u>

      (1+ke)   (1+ke)2   (1+ke)3

Po = <u>$3.50</u> +   <u>$3.50</u>  + <u>$3.50 </u>

        (1+0.1)      (1+0.1)2  (1+0.1)3

Po = $3.18    +  $2.89  + $2.63

Po = $8.70

None of the above

Explanation:

In this scenario, we need to discount the dividend in each year by the required at rate of return of 10%. The aggregate of the price obtained as a result of discounting in year 1 to year 3 gives the current market price.

7 0
3 years ago
2. Explain what happens to the demand curve
astraxan [27]

Answer:

The law of demand states that consumers will request more of a product if its price decreases. For supplement goods, an increase in the price of one will increase demand for the other. The demand curve for apples will react as follows.

Explanation:

<u>A). More people begin to prefer apples to oranges.</u>

Should peoples' preference change to apples, the demand for oranges will decrease while that of apples will increase. The demand curve is downward sloping. If demand increases, the demand curve will shift to the right. It is also referred to as moving outwards. In this case, the demand curve for apples will shift to the right.

B) <u>The price of peaches rises (because peaches are a substitute for apples).</u>

Substitutes imply a good can be used in place of another. If the price of a substitute increases, it demands decreases. The demand for the substitute good will go up. An increase in the price of peaches will increase the demand for apples. As a result, the demand curve will shift outwards. In other words, shift to the right.

C. People's incomes rise (and apples are a normal good).

Demand for normal goods increase as the people's income rises. More people will afford to buy apples. If people are now earning more, the demand for apples will go up. The demand curve will shift to the right to indicate a surge in demand.

5 0
3 years ago
During June, Buttrey Corporation incurred $72,000 of direct labor costs and $12,000 of indirect labor costs. The journal entry t
romanna [79]

The correct question is:

During June, Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:

A)debit to Work in Process of $67,000B)credit to Work in Process of $74,000C)debit to Work in Process of $74,000D)credit to Work in Process of $67,

Answer:

a. debit to Work in Process of $67,000

Explanation:

Labour costs are made up of direct labour cost and indirect labour costs.

An addition of these two items results in amount of money the company will pay as wages to worked (labour).

In the given scenario we will then add direct and indirect labour cost to get wages to be paid.

Wage = 72,000 + 12,000 = $84,000

Wages is credited when raising journal entry

Direct labour will be classified under work in process (that is $72,000)

While indirect labour is manufacturing overhead $12,000)

Work in process and manufacturing overhead are debited when raising journal entry

So one of the entries will be a debit to Work in Process of $67,000

7 0
2 years ago
Mikey W. Smitty, an emerging rapper, is getting ready to cut his first CD, called "Western Rap." He is looking for a production
Gekata [30.6K]

Answer:

(i) 900 CDs

(ii) Greater than; $1,650

Explanation:

(1) Break-event point will be when the contribution margin from total sales is equal to fixed costs,

Contribution Margin = Selling price - variable cost

                                  = $(21.5 - 9.5)

                                  = $12

Contribution Margin *Number of CDs sold = $10,800

Break-even point for Studio A = 10,800 ÷ 12

                                                    = 900 CDs

(2) Studio A would be more profitable when the extra profit earned from per unit sale of CD exceeds the extra fixed cost given in Studio A.

Extra Contribution margin in Studio A = $(12-10)

                                                               = $2

Extra Fixed cost in Studio A = $(10,800 - 7,500)

                                               = $3,300

Studio A should be chosen if sales is greater than (3300/2) = $1,650.

4 0
2 years ago
Following are the transactions of a new company called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $8,000 cash and
Rama09 [41]

Answer:

Aug 1

Dr cash $8,000

Dr photography equipment $34,400

Cr Common Stock $42,400

Aug 2

Dr Prepaid Insurance $3,000

Cr Cash$3,000

Aug 5

Dr Office supplies $1,520

Cr Cash$1,520

Aug 29

Dr Cash $4,000

Dr photography fees earned $4,000

Aug31

Dr Utilities expense $884

Cr Cash $884

Explanation:

Preparation of the general journal entries for the above transactions.

Aug 1

Dr cash $8,000

Dr photography equipment $34,400

Cr Common Stock $42,400

(8,000+34,400)

Aug 2

Dr Prepaid Insurance $3,000

Cr Cash$3,000

Aug 5

Dr Office supplies $1,520

Cr Cash$1,520

Aug 29

Dr Cash $4,000

Dr photography fees earned $4,000

Aug31

Dr Utilities expense $884

Cr Cash $884

4 0
3 years ago
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