Answer:
Wilson Towing Service
Income Statement
For the month ending June 30, 2016
Service revenue $12,500
Salaries expense ($2,500)
<u>Rent expense ($500)</u>
Operating profit $9,500
The income statement tells us how much profit/loss did a business make during a certain period of time. In this case, the operating profit was $9,500. In order to calculate net income we would need to subtract taxes but we are not given the tax rate or the taxes due.
An employee's conduct during the normal workday, but not related to employment and performed for the employee's own benefit is "frolic".
<h3>What is
employee's conduct?</h3>
A legal document known as an employee code of conduct outlines the proper conduct for people working for a company. The employee code of conduct outlines appropriate conduct and social expectations that members of an organisation should uphold on a daily basis.
The five code of conduct are-
- Integrity.
- Objectivity.
- proficiency in the field.
- Confidentiality.
- professional conduct.
To know more about the code of conduct/ethics, here
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Given that <span>Melissa
has been working to develop drought-resistance seeds that require
little water to grow and which produce grain. she wants to send these to
arid parts of the world, where conventional grain is not easy (or even
impossible) to grow to improve nutrition for the people in those
countries. in sociological terms, melissa most likely ascribes to </span><span>Cornucopian theory.</span>
<span>In this scenario the small self-service retail store attached to the gas station that sells food items like sandwiches and soda as well as nonfood items such as groceries, magazines, and alcohol is most likely a </span>convenience store.
<span> The term convenience store describes a store that sells everyday items.
</span><span>(a limited selection of basic items).</span>
<u>Answer: </u>Option A
<u>Explanation:</u>
Prospective approach is used for bring changes into accounts. In the LCNRV rule the accounting principle of lesser value of the stock is so that the amount sold can be mentioned as the net realizable value (NRV). Here the principle of using low cost of net realizable value is known as LCNRV. This cannot be changed using prospective approach.
Other changes such as the depreciation from straight line to double declining depreciation, LIFO from average costing for inventories and other change from double declining to straight line depreciation can be done with the prospective approach.
