All categories

4 years ago

What is the source of information used to prepare the income statement?

Business

2 answers:

Mekhanik [1.2K]4 years ago

7 0

Answer:

The adjusted trial balance

Explanation:

The income statement is the financial statement that shows the revenue generated by the company as well as the expense incurred in the process for a given period of time. It shows the company's performance in terms of profit or loss.

Items of sales and expenses are show in the company's trial balance. This feeds the income statement.

EleoNora [17]4 years ago

4 0

The source of information used prepare the income statement is the "<span>Income Statement section"</span>

You might be interested in

John invested $12,000 in the stock of Hyper Cyber Eight years later, Hyper Cyber's shares reached $125,000, but John held onto t

Blizzard [7]

Answer:

Option (B) is correct.

Explanation:

A sunk cost is a cost that was already incurred in the past, alternatively we can say that it is a past cost. These are the costs which cannot be recovered in the future.

The examples of the sunk cost is depreciation expenses, salary expenses, maintenance expense etc.

Therefore, it is not considered in the decision making process which will be held in the future

Since, in the given question, the amount of $12,000 was invested eight years ago which is not recovered now. So, we considered this cost as a sunk cost.

6 0

4 years ago

Ziff Corp. has a very attractive credit policy, and none of its customers pays in cash when the firm makes a sale. Ziff Corp. se

posledela

Answer:

$148,500

Explanation:

Data given

Sales = $150,000

Rate of discount = 10

The computation of Ziff Corp. cash received from customer is shown below:-

Total collection = Sale × (1 - Rate of discount)

= $150,000 × (1 - 0.01)

= $150,000 × 0.99

= $148,500

Therefore for computing the total collection we simply applied the above formula.

8 0

4 years ago

If there are many firms participating in a market, the market is either a. an oligopoly or monopolistically competitive. b. perf

ratelena [41]

Answer:

<h2>In this case,the answer would be option b. or perfectly competitive or monopolistically competitive.</h2>

Explanation:

A perfect competitive market structure is commonly characterized by the presence of many firms or producers and buyers or consumers.The products or services sold in the perfectly competitive market are homogeneous or similar in nature,feature or characteristic.
A monopolistic competition is identified as a particular type of market structure in which there are many firms or companies selling differentiated or heterogeneous products or services.Hence,monopolistic competition also consists of many or numerous firms or companies but unlike perfect competition,the products or services in monopolistic competition are differentiated or heterogeneous in nature,feature of characteristic.

4 0

4 years ago

Item 17Item 17Deep Mining and Precious Metals are separate firms that are both considering a silver mining project. Deep Mining

nadezda [96]

Answer:

Precious Metals should accept the project since its NPV is greater than 0.

Explanation:

Find the Net present value of the project using the different discount rates for Deep Mining and Precious Metals companies. You can use a financial calculator with the following inputs;

<u>Deep Mining </u>

Note: use "CF" key on calculator

Initial investment; CFO = -950,000

Yr1 cashflow CF1 = 165,000

Frequency; F01 = 12 (because it is recurring for 12 years)

Interest rate ; I/Y = 16.2%

then CPT NPV = -$99,553.49

<u>Precious Metals; </u>

Initial investment; CFO = -950,000

Yr1 cashflow CF1 = 165,000

Frequency; F01 = 12 (because it is recurring for 12 years)

Interest rate ; I/Y = 13.4%

then CPT NPV = $9,059.05

Therefore,Precious Metals should accept the project since its NPV is greater than 0.

7 0

4 years ago

Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess d

Lerok [7]

Answer:

D) The quantity of available rental housing units falls.

Explanation:

Price ceilings often carry long-term disadvantages, such as shortages, extra charges, or lower quality of products.

Price Ceilings major long-term effect is for goods to be in high demand but supply to be in shortfall creating an ongoing presence of a black market

Therefore when cities prevent landlords from charging market rents, the definite consequence and common long-run outcomes is that the quantity of available rental housing units falls.

7 0

3 years ago