The income statement shows a detailed picture of the transactions of all revenue and expenses. The income summary account then summarizes these figures in order to produce the statement of retained earnings. Both the income statement and income summary show the revenue and expenses of a company.
How much taxes they take off
Answer:
true
Explanation:
i believe forgive me if wrong
Answer:
$100,000
Explanation:
Depreciable cost refers to the portion of an asset's costs that will be spread throughout the use-life of the asset. It is the amount to depreciated over the gainful life of the asset.
Depreciable cost is calculated by subtracting salvage value from the original cost of the asset. Salvage value is also the scrap value.
Depreciable cost = asset cost - salvage value
Depreciable cost= $120,000 - $20,000
Depreciable cost =$100,000
Answer:
The correct option is C.
Explanation:
Foreign exchange gain or loss is the gain or loss made on transactions based on the movement in the exchange rates.
- Ruble receivable from export to Russia: For Frankfurter Company to have recorded a foreign exchange loss, as at the time the transaction was consummated the exchange rate would have been higher compared to the rate of settlement. For example, if 1 ruble = $1.5 on April 1 (when the export was made), on settlement date, it moved to 1 ruble = $1.4, the company would suffer a loss of $0.1. You just need to multiply this $0.1 by the value of the exports.
- Euro payable from imports from Italy: For the company to have suffered a foreign exchange loss, it means the exchange rate was not favorable at the time of settlement of the payment - means the exchange rate moved higher.
