The equation for the income statement is Revenues - Cost of goods = Net income. The three major items reported on the income statement are net income, gross profits, and operating income.
The income statement is a statement of the profits and losses of a firm. It consists of three income statements. The Net income is derived by deducting the expenses of the firm from its revenues (Net income = Revenue - Expenses). It may also be calculated by adding the operating income with the non-operating items.
Gross profit is arrived at by subtracting the expenditure made on the products that were sold from the revenue of a firm. The Operating income is the result of subtracting the operating expenses from the gross profit.
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Purchasing better tools for workers to perform their jobs
Answer:
c. an employee and agent.
Explanation:
Based on the information provided within the question it can be said that with respect to sales at those locations homer is both an employee and agent. This is because he works for a company, therefore making him an employee. But at the same time he is authorized to act on behalf of Garage Door therefore making him an agent.
Answer:
Listen, dont be disrespectfull, and learn from it
Explanation: Dont dig a deeper hole
Answer:
$2,560,000
Explanation:
impairment loss = division's book value - division's fair market value = $3,080,000 - $2,320,000 = $760,000
Assets held for sale are no longer depreciated, but they must be recorded at lower value between carrying cost and fair market value. Since the fair market value is lower than carrying value, then an impairment loss results.
loss on discontinued operations = loss from operations 2019 + impairment loss = $1,800,000 + $760,000 = $2,560,000
