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Alik [6]
2 years ago
8

Corporations report which of the following in a separate section of the income statement?A. cost of goods sold.B. income tax exp

ense.C. gross profit.D. other revenues and gains
Business
1 answer:
Gemiola [76]2 years ago
5 0

Answer:

B. Income Tax Expenses

Explanation:

The Purpose of the Income Statement in Financial Statement Preparation is to ascertain the profit or loss of a business entity for a particular year. Usually, the format is as follows:

1. Gross Profit= Sales- Cost of Goods sold(Opening Inventory + Purchases- Closing Inventory)

2. Net Profit/ Net Loss = Gross Profit + Other Revenues and Gains - Expenses for the period.

However, income tax expense is only calculated when the net profit has been ascertained. It is usally referred to as net income before tax. It is based on this figure, that the income tax expense is then calculated based on prevailing income tax percentage.

Every other part of the income statement covers a section, but all sections should be calculated and concluded before the income tax expense can be calculated and then subtracted to arrive at the final income tax.

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Answer 5,000 is the maximum dividend that can be paid to shareholders.

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3 years ago
A negotiation support system provides support to the negotiation process by ________.
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3 years ago
Two costs at Bradshaw Company appear below for specific months of operation. Month Amount Units Produced Delivery costs Septembe
arsen [322]

Answer:

(a) Delivery costs are mixed and utilities are variable.

Explanation:

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3 years ago
Joe's Jalopies sold one of its warehouses for $300,000 cash plus a tractor with a fair market value of $25,000. The building had
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Answer:

$355,000

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3 years ago
Read the sentence below. Using your reading strategies, determine which two words are a minimalpair.
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