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sergey [27]
4 years ago
11

Llustrate your understanding of how to use the adjusted trial balance to prepare an income statement by completing the following

sentence.
In order to prepare an income statement using the account balances on an adjusted trial balance, all of the _______ (revenues / liabilities) and their credit balances are transferred to the income statement as well as all of the (expenses/assets) and their (debit/credit) balances.
Business
2 answers:
Alex777 [14]4 years ago
8 0

Answer:

The correct word for the blank spaces are (in that order): revenues; expenses; debit.

Explanation:

The Income Statement is a report that measures the financial performance of a company over a given period. The Income Statement shows the company's revenues (<em>credit balances</em>), expenses (<em>debit balance</em>), and net profit (<em>credit balance</em>) from both operating and non-operating activities.

Semenov [28]4 years ago
3 0

Answer:

Revenue and all their credit balances are transferred to the income statement and all the expenses and their debit balances are included in the income statement.

Explanation:

Keep it simple. In the income statement comes the savings from the operations of the company which means

Savings (Profit) = Revenue - Expenses

So the revenue credit balances and expenses debit balances must be reported in the income statement.

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Which of the following tends to occur when the unemployment rate increases? A. all of the above B. a reduction in the labor forc
Luda [366]

Answer:

B. a reduction in the labor force participation rate

Explanation:

In the case when the rate of unemployment increased so there would be decrease in the labor force participation rate as the unemployment rate defines the percentage correspond with the labor force i.e. without the job or the labor force who has not in the job in the current period

hence, the correct option is B.

4 0
3 years ago
Read 2 more answers
Swifty Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of $2,940, state t
sergij07 [2.7K]

Answer:

Date   Account Titles and Explanation       Debit       Credit

           Salaries Wages expense                $22,000  

                   Cash                                                             $16,307

                   Withholding taxes payable (2940+840)    $3,780

                   FICA taxes payable                                     $1,683

                   Insurance premiums payable                     $230

            (To record Swifty’s payroll)

3 0
3 years ago
Tawna Reed was hired for a top managerial position in Nike Corporation because she had creative ability and a good overall feel
Sergio [31]

Answer:

C) conceptual.

Explanation:

Conceptual skills are essential in managers of large companies, such as that of the multinational Nike.

This ability means that the manager has a vision of the organization as an integrated system, where each part has its relevance in the organizational whole and must be considered in the processing, evaluation and planning of the strategies that will lead to organizational success.

Having conceptual skills means having the skills to have a diffuse and analytical thinking of the organization and all the parts that involve it, which makes the entire management decision-making process much more efficient and aligned with the organization's objectives and goals.

5 0
4 years ago
Non verbal communication is also referred to as
quester [9]

It can be called facial expressions

6 0
3 years ago
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Which of the following groups declares the start and end of recessions in the U.S.? rev: 05_30_2018 Multiple Choice The Business
antiseptic1488 [7]

Answer: The Business Cycle Dating Committee of the National Bureau of Economic Research.

Explanation:

The Business Cycle Dating Committee under the National Bureau of Economic Research are tasked with declaring the beginnings and the endings of the Business cycle. They do this by reviewing Economic wide measures especially GDP to see if prevailing conditions are still ongoing.

To declare a Recession, the Economy would have to be experiencing a significant downward trend in widespread economic activity reduction over more than a couple of months but for a Recession to be declared as over and back to a Peak, it might take longer than that.

4 0
4 years ago
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