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2 years ago

Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income

Business

1 answer:

Lera25 [3.4K]2 years ago

8 0

Answer:

OPGENORTH COMPANY

Income Statement

For Year Ended December 31, 2016

Sales $160,000

Cost of goods sold $95,000

Gross profit $65,000

Operating expenses

Selling expense $14,000

General and administrative $17,000

expense

Total operating expense $31,000

Operating income $34,000

Other items

Interest revenue $2,500

Loss on sale of equipment (pretax) -$2,000

Loss from fire -$8,000 -$7,500

Income before tax $26,500

Income tax $7,950

Net income $18,550

Components of Income EPS

EPS = $18550 / $7000

= $2.65

OPGENORTH COMPANY

Statement of Comprehensive Income

For Year Ended December 31, 2016

Net income $18,550

Other comprehensive loss

Unrealized decrease in fair value -$1,800

of available for sale securities

Comprehensive income $16,750

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MASTER

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3 years ago

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3 years ago

Which of these is not an advantage of entrepreneurship

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Answer: 2

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2 years ago

Which report is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the a

White raven [17]

The report that is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance is called : Adjusted trial balance

<h3>What is an adjusted trial balance?</h3>

Adjusted trial balance is an account prepared that shows the arithmetic accuracy of the ledger. This balance list the general ledger account balances after any adjustments have been made.

An adjusted trial balance include:

Adjustment for prepaid and accrued expenses.
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2 years ago

You have just completed a $ 24 comma 000 feasibility study for a new coffee shop in some retail space you own. You bought the sp

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Answer:

$150,300

Explanation:

The computation of the correct initial cash flow is shown below:

= Capital expenditure + net after taxes + initial investment in inventory

= $33,000 + $112,000 + $5,300

= $150,300

The net after taxes is also term as opportunity cost

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3 years ago