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tatuchka [14]
3 years ago
9

The amount of net income shown on a multi-step income statement will differ from the amount of net income shown on a single-step

income statement. (A) True(B) False
Business
1 answer:
Stels [109]3 years ago
3 0

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.

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Checking account A charges a monthly service fee of $20 and a wire transfer fee of $3, while checking account B charges a monthl
natali 33 [55]
 the answer should be  
D. 10 
3 0
3 years ago
Read 2 more answers
Justin is the CEO of Nexon Inc. He works in an open office and encourages his employees to approach his desk any time of day. Ju
nikitadnepr [17]

Answer:

The answer is: Democratic management style

Explanation:

This management style is based on the belief that two heads are better than one, and that every employee (no matter position they hold) deserves to have a say.

So managers that follow this style usually encourage their employees to participate and share their ideas and suggestions. They tend to create horizontal organizations, but the final and last decision still belongs to the boss.

Employees usually like this system because they feel they are a valuable and important part of the organization. Many times it leads to higher efficiency and productivity.

As a downside, these organizations tend be more messy (informal) and decision making processes are very time consuming.

5 0
3 years ago
Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take t
Murrr4er [49]

Answer:

Office Equipment (Debit)                  96,000

Accounts Payable (Credit)                96,000

Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

Purchase Discount Income (Credit)                9,600

Cash (Credit)                                                  86,400

4 0
3 years ago
List all the source documents in accounting
devlian [24]

Answer:

Canceled checks.

Invoices.

Cash register receipts.

Computer-generated receipts.

Credit memo for a customer refund.

Employee time cards.

Deposit slips.

Purchase orders

Explanation:

That is all i think

7 0
3 years ago
Cost of goods sold for a merchandising company, direct materials and commissions are all examples of
katovenus [111]

For a merchandising company, the cost of goods sold, direct materials, and commissions are <u>variable costs</u>.

<h3>What is a variable cost?</h3>

A variable cost is the cost element that remains constant per unit while the total changes.  Other examples of variable costs include direct labor, variable selling and administrative expenses, including commissions and shipping costs.

Thus, for a merchandising company, the cost of goods sold, direct materials, and commissions are all examples of <u>variable costs</u>.

Learn more about variable costs here: brainly.com/question/5965421

8 0
2 years ago
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