Answer:
B. Income Tax Expenses
Explanation:
The Purpose of the Income Statement in Financial Statement Preparation is to ascertain the profit or loss of a business entity for a particular year. Usually, the format is as follows:
1. Gross Profit= Sales- Cost of Goods sold(Opening Inventory + Purchases- Closing Inventory)
2. Net Profit/ Net Loss = Gross Profit + Other Revenues and Gains - Expenses for the period.
However, income tax expense is only calculated when the net profit has been ascertained. It is usally referred to as net income before tax. It is based on this figure, that the income tax expense is then calculated based on prevailing income tax percentage.
Every other part of the income statement covers a section, but all sections should be calculated and concluded before the income tax expense can be calculated and then subtracted to arrive at the final income tax.
Answer:
<h2>Mission Statement</h2>
Explanation:
A brief description of a company's purpose is called mission statement, it tells about the company's purpose for the public and employees. It varies from company to company as because every company describes it differently.
A mission statement is important as it serves as a base line for everyone in the organisation. It serves as the basis for effective business planning. Mission statements are used in marketing as they are a company's public face. Companies also include them on their websites. A good mission statement can inspire, surprise and transform your business
Answer:
Status Symbols
Explanation:
According to Oxford dictionary; a status symbol is "a possession that is taken to indicate a person's wealth or high social or professional status."
Hence status Symbols are external displays of the possessors' wealth and social status. These goods can not be possessed by people who do not belong to that social status or profession.
Answer:
The answer is "The last choice"
Explanation:
While comparing 2 assets or portfolio management, the risk of each portfolio and the rates of return of each portfolio should be taken into consideration. Whether the same danger is in the two assets. One should be preferred with both the higher return and one from the lowest risk should be recommended unless the two have the same rate of return. Portfolio A consequently either has a higher return and an at least as low fluctuation as B, or even lower volatility as well as an anticipated return at least as strong as B.
Answer:
D. $55,000
Explanation:
Sales = 250,000
Gross Profit = 250,000 x 40% = 100,000
Cost of goods sold = 250,000 - 100,000 = 150,000
Cost of good sold = Opening Inventory + Purchases - Closing Inventory
150,000 = 35,000 + 200,000 - Closing Inventory
150,000 = 235,000 - Closing Inventory
Closing Inventory = 235,000 - 150,000
Closing Inventory = 85,000
Inventory damaged by flood = 85,000 - 30,000 = 55,000
