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algol [13]
2 years ago
14

Information needed to prepare an income statement’s Expense section is obtained from a work sheet’s Account Title column and

Business
1 answer:
Mars2501 [29]2 years ago
8 0

Answer:

Option (A) is correct.

Explanation:

Income statement have an operating section which includes revenue and expenses section.

Revenue section of the operating section includes all the cash inflows and all the values that represents the appreciation of the assets.

On the other hand, expenses section of the operating section includes all types cash outflows and those activities which reduces the value of the assets of the company or increases liability.

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Which of these will most likely have a positive effect on your lifestyle?
Zinaida [17]

Answer:

A college degree

Explanation:

College life is very likely

5 0
2 years ago
ABC Company owns 30% of the outstanding shares of Teal Company. At the beginning of the current year, the carrying value of Teal
BabaBlast [244]

Answer:

$69,000

Explanation:

Percentage of shares owned by ABC in Teal's company = 30%

This is an example of equity method investment , and a portion of the attributable income at the end of the year is earned and added to the initial stock.

Attributable income is the remaining income after dividends have been settled.

<u>Workings</u>

The opening carrying value of the shares on ABC balance sheet = 60,000

Profit made at the end of the period = 40,000

Dividends paid = 10,000

Attributable income to share holders = 40000-10000 = 30,000

ABC portion of attributable profit = 30000*30% = 9,000

Carrying value at the end of the year = opening carrying value + portion of the attributable profit

=60000+9000=69000

6 0
3 years ago
Service industry, job costing, law firm. Kidman &amp; Associates is a law firm specializing in labor relations and employee-rela
evablogger [386]

Answer:

Explanation:

Budgeted direct cost rate= budgeted direct cost/professional labor hours available =97500/1500=$65 per labor hour

Budgeted indirect cost rate= Budgeted indirect cost/ professional labor hours = 2475000/45000= $55

Job R:

Direct cost:

Job R - 120H*65=7800

Add: Indirect cost:

120H* 55=6600

TOTAL R JOB=14400

Job P:

DC:

Job P - 160H*65=10400

IC:

160H*55=8800

TOTAL P JOB=19200

8 0
3 years ago
Titan Company is being sued for $200,000 and the attorney advises Titan that they will probably lose the lawsuit and is estimate
Harrizon [31]

<u>Answer: </u>a credit to a liability

<u>Explanation:</u>

Credit to liability is recorded when a firm knows that it will loose in its case and it has to pay compensation for the law suit. The payment for the law suit is a liability to the firm.

Titan company's attorney has mentioned that the company would probably lose in the law suit and would have to pay an amount of $200,000. This amount will recorded as the credit to liability in the books of Titan Company.

5 0
3 years ago
Henry wants to buy a new table saw for his carpentry shop. He has saved $360, which is 2 third of the price of the saw. How much
ruslelena [56]

Answer:

It cost 540$

Explanation:

360/2=180

360+180=540

4 0
3 years ago
Read 2 more answers
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