Which piece of information would you find on an income statement?

The income statement for the month of June of Camera Obscura Enterprises contains the following information: Sales Revenues $7,0

Ivahew [28]

Answer:

a debit balance of $1,300

Explanation:

Generally in the income statement, a net profit is the excess of income over expenses during a given period and this will give a credit balance in the income statement, but this will be a debit balance in Income Summary to close the account.

On the other hand, a net loss is the excess of expenses over income during a given period and this will give a debit balance in the income statement, but this will be a credit balance in Income Summary to close the account.

Since Camera Obscura Enterprises made a net profit of $1,300 in the month of June, the balance in Income Summary will therefore be a debit balance of $1,300.

4 0

4 years ago

The courts and equal employment opportunity guidelines have mandated that performance measurements be based on

iVinArrow [24]

A check list should be base on past problems.

4 0

3 years ago

An engineer sketches detailed drawings of the keypad of a new cell phone. What stage in the product development life cycle is th

Andrej [43]

Answer:

Concept stage

Explanation:

The concept design stage is the stage of the design process that comes after the feasibility of the product has bee conducted and options or alternatives have been weighed with a decision and product specification documentation created. The concept stage design is the first design on the product showing the details of the product as contained in the specification documentation.

3 0

4 years ago

True or False: Business process modeling (or mapping) is the activity of creating a detailed flow chart or process map of a work

Sedbober [7]

Answer:

True

Explanation:

Business process mapping is a way to visualize what a business does by taking into account roles, responsibilities and standards. Business process modeling (BPM) takes this one step further by providing a visual way to understand, analyze, and improve upon a current method of working. There are a number of reasons why organizations map their processes. Sometimes business process mapping and business process modeling are used interchangeably to refer to simply documenting of how a business operates, how inputs and outputs flow through a system. In reality, business process mapping is the tool focused on documentation. It shows how work is done, not necessarily how it should be done. Business process modeling is more about in-depth analysis and optimizing inefficiencies and bottlenecks.

3 0

3 years ago

On January 2, 2014, Best Beverages acquired 45 percent of the stock of Better Bottlers for $30 million in cash. Best Beverages a

Alex787 [66]

Answer:

Calculation of 2014 equity in net income

Better Bottler's net income $1,125,000

($2,500,000* 45%)

Less: Amortization of patents and $450,000

trademarks revaluation

(160-150* 1000,000/10 at 45%)

Less: Amortization of brand names $270,000

($9000,000 /15 at 45%)

Equity in net income of Better bottles $405,000

Journal entries

Description Debit Credit

Investment in better bottles $405,000

Equity in net income of better bottle $405,000

Cash $292,500

($650,000 * 45%)

investment in better bottles $292,500

b) Calculation of investment balance

Investment balance, Jan 2,2014 $30,000,000

+ Reported income less dividends $5,400,000

($25,000,000 equity - $13,000,000 retained

earnings) * 45%

- 4 yr of revaluation write off

($450,000 * 4) $1,800,000

($270,000 *4) <u>$1,080,000</u>

Investment balance, Dec 31, 2017 <u>$32,520,000</u>

4 0

3 years ago