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k0ka [10]
3 years ago
5

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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The _____ Act established strict accounting and reporting rules to make senior managers more accountable and to improve and main
MrMuchimi

Answer:

Sarbanes Oxley

Explanation:

The Sarbanes Oxley act was passed in 2002 by the US congress to ensure that senior managers are more accountable by establishing strict accounting and reporting rules.

The Sarbanes Oxley Act created and gave powers to the Public Company Accounting Oversight Board to overlook the activities of the accounting industry. The Act also bans company executives from accessing loans.

Cheers.

4 0
3 years ago
the act of an insurance company publishing misleading information about its policy provisions is called
tester [92]

Answer:

The right response is "False advertising". A further explanation is given below.

Explanation:

  • False advertising refers to just about every documented argument but rather television advertising which always benefits customers an inaccurate view as well as believing of the prospective customer.
  • Regrettably, several other organizations have decided to appreciate the value of having appeared to receive just one substantial discount and perhaps another opportunity to encourage people to purchase, with really no intention of agreeing.
3 0
3 years ago
Assume that an equity investment that lacks significant influence is sold. Which of the following would be included in the two e
Anastasy [175]

Answer:

A. An update of the Fair value adjustment account

D. The amount of the unrealized holding gain or loss that has occurred since the end of the prior accounting period

Explanation:

The value of an equity investment that lacks significant influence is adjusted at the end of each accounting period against an unrealized gain/loss account.

When the equity investment is sold, the unrealized gain/loss account will become realized depending on the sales value. Before any final gain or loss is realized, an adjustment must be made to the investment's Fair value adjustment account.

E.g if the investment X's balance account was $510,000 and its fair market value was $550,000, we would first need to adjust the fair value:

Dr Fair value adjustment of investment X 40,000

    Cr Unrealized holding gain 40,000

6 0
3 years ago
Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods sold of $23,704, div
Softa [21]

Based on the various transactions, the addition to retained earnings was <u>A. $5,075.88</u>

<h3>What was the after tax net profit ?</h3>

This can be found as:

= (Revenues - Interest expense - Depreciation - Cost of goods sold - Admin expenses) x ( 1 - tax)

= (42,629 - 1,230 - 2,609 - 23,704 - 7,040) x ( 1 - 22%)

= $6,275.88

<h3>Addition to retained earnings </h3>

= After tax net profit - Dividends paid

= 6,275.88 - 1,200

= $5,075.88

In conclusion, option A is correct.

Find out more on retained earnings at brainly.com/question/25998979.

3 0
3 years ago
Natalia worked in an automobile plant. she lost her job when the plant relocated to another state.
Agata [3.3K]

Answer:

$400.65

Explanation:

Natalia's last 26 weekly salaries:

Week Salary

1 715

2 700

3 730

4 730

5 730

6 720

7 700

8 720

9 720

10 720

11 725

12 720

13 725

14 730

15 730

16 735

17 735

18 735

19 740

20 740

21 740

22 740

23 740

24 740

25 740

26 740

The total compensation for the last 26 weeks = $18,940

her average weekly salary = $18,940 / 26 = $728.46

her unemployment compensation = average weekly salary x 55% = $728.46 x 55% = $400.65

6 0
3 years ago
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