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3 years ago

Net income is shown on the end-of-period spreadsheet in the Income Statement debit column and the Balance Sheet credit column.

Business

1 answer:

enyata [817]3 years ago

8 0

Answer:

True

Explanation:

It is True because net income is shown in the Balance sheet as a credit account as it increases the revenues and as a debit column in the Income Statement of the end-of-period spreadsheet.

This entry is reversed for the net loss. It would be shown as a debit column in the Balance Sheet ( indicating an expense/ a loss) and as a credit column in the income statement.

The net income is shown as a debit column in the Income Statement of the end-of-period spreadsheet indicating that the credits ( revenues) are more than the debits ( expenses) and we get the balance of the income after deducting the expenses from the revenues. It is entered above the debit totals.

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How do changes in the money supply affect people and businesses? (please help! 80)

slega [8]

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3 years ago

What is the primary product focus for the lego company? select one: a. custom sculpture b. recycled plastic c. electronic device

Goryan [66]

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2 years ago

If management identifies even one material weakness in internal control, then management will conclude that the organization’s i

solong [7]

Answer:

Statement is true

Explanation:

Internal control over financial reporting was designed to give assurance related to financial statements preparation and authenticity of financial reporting.

Material weakness refers to inefficiency in internal control which could lead to misstatement in financial statement thereby making financial reporting unreliable. As such, even one material weakness would prove ineffective internal control over financial reporting.

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4 years ago

17. Which activities are associated with the acquisition and disposal of long-term assets (for example the purchase of equipment

valina [46]

Answer:

B) Investing Activities

Explanation:

Investing activities deal with cash transactions involving movement of items of Property, Plant and Equipment. These transactions include purchase costs and sale proceeds of assets.

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3 years ago

Longview Manufacturing Company manufactures two products (I and II). The overhead costs ($60,500) have been divided into three c

Mila [183]

Answer:

a. $8,000.

Explanation:

The computation of the amount of overhead cost assigned to the product I is shown below:

= $40,000 ÷ 2,500 × $500

= $8,000

Hence, the amount of overhead cost assigned to the product I is $8,000

Therefore the correct option is a.

7 0

3 years ago