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Leona [35]
3 years ago
13

Which statement is true? Multiple Choice Some Income Statement accounts are Permanent and some Income Statement accounts are Tem

porary. All Income Statement accounts are Temporary All Income Statement accounts are Permanent
Business
2 answers:
Cerrena [4.2K]3 years ago
5 0

Answer:

The correct answer is all income statement accounts are temporary

Explanation:

Income statement is that part of financial statement set aside for determining profits or losses made in accounting period.

The main reason for preparing income statement is to arrive at the retained earnings which are later posted to the balance sheet.

All accounts in the income statement are temporary as they do not have balances carried forward at the end of a period unlike balance sheet where assets,liabilities and equity  have opening and closing balances.

It is for the reason that inventory when purchased is first debited to the balance sheet and posted to income statement when the profit is to be determined and also closing inventory is immediately transferred back to the balance sheet.

slavikrds [6]3 years ago
5 0

Answer:All Income Statement accounts are Temporary

Explanation:An income statement account is a type of account where all the money coming into the Organisation is recorded, income statement accounts are closed at the end of the financial or accounting period.

Temporary accounts are accounts that are closed every accounting period,they are not carried over or retained,they are reset as a new accounting period is beginning.

Earned interest,Sales discounts,Sales returns,Utilities,Rent etc.

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Rhianna and Jay are married filing jointly in 2018. They have six children under age 17 for whom they may claim the child tax cr
katrin [286]

Answer:

The correct answer to the following question is option C) $11,000 .

Explanation:

The phaseout limit for married couple filling their return jointly is up to $400,000, but in this case the annual gross income of Rhianna and Jay is $419,400 . So their annual gross income is $19,400 ($419,400 - $400,000) more, and then $19,400 / $1000 = $19.4 , which is approximately equal to $20.

Now the phase out limit would be $20 x $50

=$1000

For the 6 children , the tax credit wold be - $2000 x $6

= $12,000

From the above amount, the phase out amount will be deducted,

= $12,000 - $1000

= $11,000

7 0
3 years ago
Financial statements of Kansas Ltd (Fr) for 2X13 are authorized by management and auditors on February 15, 2X13 for issuance on
mrs_skeptik [129]

Answer:

a) In compliance with the IFRS

Explanation:

Since in the question it is mentioned that The financial statement of kansas ltd would be authorized by the management and auditors as on Feb 15 fpr issuance. On Feb 20 it settled as a plaintiff a 5 million euro lawsuit. Now the CFO of the company have make the second decision regarding the financial statement presentation in which he decides not to record this settlement so here is in compliance with the IFRS

Therefore the option A is correct

7 0
3 years ago
Lyla faces the challenge of developing the promotion mix for a new business. Given the uniqueness of the new products and a very
erma4kov [3.2K]

Answer:

D) publicity to help create a positive image for her firm and its products

Explanation:

Lyla's marketing budget is not very large, so she must find ways to optimize her resources. One way to do this is by getting publicity which generally is free. Publicity refers to getting public attention towards your company or your company's products or services. It creates awareness about your products and it can really influence the opinions of your potential customers. Maybe Lyla can sponsor some public event or competition which is actually much cheaper than mass media advertising and can also be much more effective.

6 0
3 years ago
5. Ren Inc. has expected earnings before interest and taxes of $63,300, an unlevered cost of capital of 14.7 percent, and a comb
laila [671]

Answer:

$334,101.43

Explanation:

The computation of the value of this company is shown below:

Value of unlevered firm= [$63,300 × (1 - 23%)] ÷ 14.7%

= $331,571.43

And,

Value of this company = 331,571.43 + 23% of $11,000

= $331,571.43 + $2,530

= $334,101.43

As we know that value of the company is the mix o f levered firm and the unlevered firm according to that we done the calculations

5 0
3 years ago
Which of the following activities of the central bank do not constitute monetary​ policy? A. Monitoring key stock prices. B. Mon
charle [14.2K]

Answer: Please refer to Explanation

Explanation:

1. A. Monitoring key stock prices.

This does not fall under what the Central Bank does when Monetary Policy is implemented. Monetary Policy allows the government to influence interest rates, monitor financial institutions and indirectly control money supply.

2. Low and predictable levels of inflation.

Under the mandate of PRICE STABILITY, the Fed aims to ensure low and Predictable inflation in the long run to preserve the purchasing power of money.

3. Management of interbank transfers.

The Fed monitors and manages Interbank transfers to protect the financial system.

4. Management of Macroeconomic fluctuations.

- The Fed just embarked on monetary policy to correct the Economy. This was a Macro Economic function as it dealt with the entire economy as a whole.

5. Regulation

The Fed acts as the regulator of Banks and ensures that they follow certain practices and rules to ensure the safety of the banking system and the money belonging to the people who put it there.

5 0
3 years ago
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