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3 years ago

The income statement is prepared from:

Business

1 answer:

yawa3891 [41]3 years ago

8 0

Answer:

The correct answer is letter "B": either the adjusted trial balance or the Income Statement columns of the end-of-period spreadsheet.

Explanation:

The Income Statement is a report that evaluates the financial performance of a company for a given accounting period. The Income Statement shows a company's revenues, expenses, and net profit from both operating and non-operating activities. It lists the company's net sales, cost of sales, selling, administrative expenses, extraordinary items and other income or expenses which helps to reveal the firm's gross profit, operating profit, pre-tax profit, and after-tax profit.

The Adjusted Trial Balance is the result of computing all the accounts from all general ledgers to find out if the frim's debits equal its credits. The income statement can be prepared from this document or the very same Income Statement columns by the end of the period.

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pshichka [43]

Answer:

consequential damages

Explanation:

According to my research on different types of law suits, I can say that based on the information provided within the question Bill can recover the 900 he lost from Carl as consequential damages. These are damages have happened because of one party's failure to meet a certain deadline or contractual obligation and can be proven in court. Therefore since Bill can prove that he lost the 900 because of Carl's negligence he will most likely win that case.

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3 years ago

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GalinKa [24]

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2 years ago

Categorize each statements as a component of Gross Domestic Product (GDP): consumption, investment, government, or net exports.

marishachu [46]

Answer:

The Gross Domestic Product (GDP) is a measure of the value of all final Goods and Services in an Economy in a given period usually a year.

It can be calculated using the Expenditure method which is;

= Consumption + Investment + Government Spending + Net Exports

Consumption

Here, the final goods and services that all households in the Economy purchased and used for the year are included. It is usually the largest component of GDP.

The following will fall here.

- Ice cream

- A domestically manufactured personal computer

- Cab fare for personal use

- A ticket to a local sporting event

- 55 cent tacos

Investment

The Goods that will fall under here include Capital goods purchased or made in an Economy for the purpose of increasing production capacity.

Of the goods listed only one will fall here being;

- A Domestically Manufactured Personal Computer.

Government Spending

This includes all Public Spending in the Economy on goods and services for things such as Health and Defense but excluding transfer payments such as Social Security.

- Public School Teacher's Salary will fall under here.

Net Exports

These are the Exported goods from the country less the goods that it imported. From the above only one item falls under this category;

- Exported Doll House

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3 years ago

Which company is most exposed to the ups and downs of the aircraft engine industry? a) General Electric b) MTU Aero Engines c) U

Mrac [35]

I think it’s b but I can’t garauntee I’m sorry

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3 years ago

Inventory information for Part 311 of Whispering Corp. discloses the following information for the month of June.

bearhunter [10]

Answer:

FIFO: ending inventory: $9,528 COGS: $ 14,452

LIFO: ending inventory: $ 8,422 COGS: $ 15,558 (periodic)

LIFO: ending inventory $ 9,035 COGS ·$ 14,945 (perpetual)

Explanation:

June 1 Balance 304 units @ $13 3, 952

June 11 Purchased 804 units @ $15 12,060

June 20 Purchased 498 units @ $16 7, 968

Tota units 1,606 Cost available: 23,980

June 10 Sold 205 units @ $30

June 15 Sold 504 units @ $32

June 27 Sold 295 units @ $34

Total units: 1,004 units

Ending Inventory units: 1,606 - 1,004 = 602

FIFO:

first units are sold while last are ending inventory.

As we always pick from chronological order is the same under perpetual or periodic method.

Ending Inventory: 602 units

June 20 Purchased 498 units @ $16 7, 968 (602 - 498 = 104)

June 11 Purchased 104 units @ $15 1, 560

Total: 9,528

COGS: Difference between cost available and ending inventory:

23,980 - 9,528 = 14,452

LIFO:

first units are part of ending inventory. As the units aren't picked in chronological order the values cahnges under perpetual and periodic method.

periodic ending inventory:

June 1 Balance 304 units @ $13 3, 952 (602 - 304 = 298)

June 11 Purchased 298 units @ $15 4,470

Total 8,422

COGS: 23,980 - 8,422 = 15,558

perpetual method:

Inventory after 1st sale: 304 - 205 = 99 units at 13

Inventory after 2nd sale.

99 untis at 13

804-504 = 300 units at 15

Inventory after 3rd sale.

99 untis at 13 1,287

300 units at 15 4,500

498 - 295 = 203 units at 16 3,248

ending inventory: 9,035

COGS: 23,980 - 9,035 = 14,945

8 0

3 years ago