Net income. Gross income would be the $3,000 before taxes are deducted. The net income would be the 2452 that is remaining after taxes
Answer:
Big Tommy Corporation
Profit and Loss for the year ended December 31
Sales 404,000
Cost of Goods Sold 279,000
Gross Profit 125,000
<em>Operating Expenses:</em>
Salaries and Wages Expense 58,000
Office Expenses 16,000
Travel Expenses 1,000 75,000
Operating Income: 50,000
Non-Operating Expenses
Income Tax Expense 15,000 15,000
Net Income 35,000
Explanation:
Multistep income statement makes a clear distinction on Operating Incomes and Expenses and Non-Operating Incomes and Expenses
Operating income is Profit generated from Primary activities of the company
Non-Operating Incomes and Expenses do not relate to the Primary activities of the firm.They occur as a result of secondary activities.
They wanna be nosy and monitor everything you do
Answer:
balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Answer:
the project's MIRR is 13.84 %
Explanation:
MODIFIED INTERNAL RATE OF RETURN (MIRR)
-It is the rate that causes the Present Value of the Terminal Value (Future Cash flows at the end of the Project) to equal Present Value of Cash outflows.
-MIRR assumes a reinvestment rate at the end of the project
The First Step is to Calculate the Terminal Value at end of year 3.
Terminal Value (FV) = Sum of (PV x (1 + r) ^ 3 - n)
= $450 x (1.09) ^ 2 + $450 x (1.09) ^ 1 + $450 x (1.09) ^ 0
= $534.65 + $490.50 + $450.00
= $1,475.15
The Next Step is to Calculate the MIRR using a Financial Calculator :
(-$1,000) CFj
0 CFj
0 CFj
$1,475.15 CFj
Shift IRR/Yr 13.84 %
Therefore, the project's MIRR is 13.84 %.
