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Ahat [919]
3 years ago
5

Select the correct answer. Ashley is a finance executive. She has gathered all the data from different departments regarding the

finances expended as well as earned in the process of selling a product. She needs to prepare an income statement. How should she start preparing the income statement? A. show the COGS first B. show the operating profit first C. show the sales revenue first D. show the administrative expenses first
Business
1 answer:
mrs_skeptik [129]3 years ago
7 0

Answer:

Ashley is a finance executive. She has gathered all the data from different departments regarding the finances expended as well as earned in the process of selling a product. She needs to prepare an income statement. How should she start preparing the income statement?

show the sales revenue first

Explanation:

The sales revenue shown reflects the income accrued during the cause of sales and this comes first during income statement preparation

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A corporation is expected to file its income tax returns at the end of every financial year. The owners of a corporation or its shareholders are also expected to file their separate income tax returns. An element of double taxation arises the business is taxed, and the owners are also taxed separately. In the other form of business ownership, the business incomes pass as owner's income resulting in single taxation.

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