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inessss [21]
3 years ago
10

What is the income statement?

Business
1 answer:
Mariana [72]3 years ago
8 0

Answer:

The answer is explained below:

Explanation:

An income statement is used for reporting thhe financial performance over an accounting period.  

The other two statements are  cash flows and balance sheet.  Income statement is also called revenue and expense statement.  It mainly focuses on a company's revenues and expenses during a particular period.  It is important part of a company's performance reports.

A balance sheet only gives a glimpse of a company's financial but income statement tells  the company's income in a particular time period.

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A flower shop makes a large sale for $1,500 on June 30. The customer is sent a statement on July 5 and a check is received on Ju
Vsevolod [243]

Answer:

June 30

Explanation:

As per the revenue recognition principle, the revenue is recognized when it is earned or realized that means service is performed but the payment is not made at the time of providing the service.

It is not get impacted when will be the cash received.

So, in the given case, the large sale is made on June 30 and on June 30 the revenue would be recognized.

3 0
3 years ago
Firm a is a new producer in the market for good​ x, which is characterized by linear demand and supply curves.​ initially, to at
Sladkaya [172]
I believe the information above is best supported by; the fact that producer surplus will increase if the price rises from $ 8 per unit to $10. This is due to the fact that there is a shortage in the market therefore demand will increase, this results to customers wanting to buy at a higher price than the initial cost, to satisfy their demand and need
7 0
3 years ago
If the required reserve ratio is 10%, actual reserves are $10 million, and currency in circulation is equal to $20 million, M1 w
Pie

Answer:

The correct answer is E

Explanation:

M1, M2 and M3 are the terms which measure the money supply of United States, referred to as money aggregates.

The formula for computing the M1 is as:

M1 = coins as well as currency in circulation + checkable or demand deposit + traveler checks

where

Currency in circulation is $20 million

Demand deposit is as:

= Required reserve × Actual reserve

= 10 ×  $10 million

= $100 million

Putting the values above:

M1 = $20 million + $100 million

M1 = $120 million

8 0
3 years ago
societies use machinery and energy sources rather then humans and animals for production and __________ societies use the creati
Morgarella [4.7K]

Correct/Complete Question:

Industrial societies use machinery and energy sources rather then humans and animals for production and __________ societies use the creation, processing, and storage of information for production.

Answer:

Post-industrial

Explanation:

There are stages of development of a society and one of those stages is post-industrial society.

Post-industrial societies are societies in which societal production is as a result of creation, processing and storage of information. Simply put, Post-industrial societies are societies in which service provision creates more wealth than manufacturing. This services are done through information creation, processing and storage as written above.

Cheers

7 0
3 years ago
Marsha’s Pet Store employs six employees. Their duties are to sell pets, replenish the stock, keep the pets’ cages clean, feed t
Gemiola [76]

Answer: True.

Explanation:

People sometimes have a tendency of doing only what they are told to do or only what they are paid for. This is why most people who progress in a company do so on the basis of having done work that was not in their description, but would have helped the company progress.

It would appear that Marsha's 6 employees are all of the caliber of employees who just do what they are told and nothing more.

For this reason therefore, she would include a stipulation changing the scheme to include careful performance of the other duties before any sales commission can be earned. This way they'll start to do those other things since they are now paid to do so.

8 0
3 years ago
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