<em>In a firm's income statement, interest payments on debt are deducted </em><em>before </em><em>corporate taxes are calculated, which</em><em> reduces</em><em> the firm's tax liability.</em>
<h3>Income statement: What is it?</h3>
An overview of the company's operations for a specific time period is provided in the income statement. The revenue (gross and net sales), cost of products sold, operational expenditures (selling and general and administrative expenses), taxes, and net profit or loss are the statement's primary components.
<h3>What is displayed on a firm's income statement?</h3>
The statement logically and coherently presents the company's revenue, costs, gross profit, selling and administrative expenses, other expenses and income, taxes paid, and net profit.
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A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain essential terms. In which this essential terms are important as a way of providing terms that both parties must engage in as a way of meeting the contract that they have agreed on.
Answer:
reduce its cash account by $1875.
reduce its cash account by $410.
Explanation:
As for the information provided,
When we tally the cash balance with that of bank balance,
Outstanding checks which were already deducted in cash book will be added as yet outstanding and payment not made.
= + 3,025
Deposits in transit were already added in cash book, although yet not added to bank balance, thus deducted
= - 4,900
= +3,025 - 4,900 = - $1875
This means cash will be reduced by $1,875
Further NSF check is already added in cash but not yet added in bank = - $310
Further bank has deducted charges but in cash book not recorded thus it will be deducted now = - $100
= -$310 - $100 = - $410
If you are unable to return to work and your condition has not improved, then you will continue to receive Social Security Disability payments and will be up for review again in another 2 to 5 years.
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Answer:
correct option is b. The physical count determines the inventory on hand
Explanation:
LIFO is Last In, First Out
so in LIFO cost flow is assumption
and the last costs are the first ones to leave inventory
become the cost of goods sold on the income statement.
and first costs will be reported as inventory on the balance sheet
and under LIFO periodic we are wait until the entire year is over before assigning cost
so we can say The physical count determines the inventory on hand
and Cost is the total resources given up to acquire inventory and move it
