1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vlad [161]
2 years ago
5

Listed below in scrambled order are 11 income statement categories. Rank these categories below in the order they should appear

on a multiple-step income statement.
( ) Discontinued operations.
( ) Cost of goods sold.
( ) Other revenues and gains/Other expenses and losses.
( ) Net income.
( ) Income taxes.
( ) Sales revenue.
( ) Gross profit on sales.
( ) Income from operations.
( ) Income from continuing operations before income taxes.
( ) Operating expenses.
( ) Income from continuing operations.
Business
1 answer:
Lady bird [3.3K]2 years ago
3 0

Answer:

1. Sales Revenue

Always first in an Income Statement.

2. Cost of Goods Sold

Subtracted from Revenue to find Gross Profit.

3. Gross Profit on Sales

Profit net of Cost of Goods sold.

4. Operating expenses

Expenses from the company's operations including wages and depreciation. Subtracted from Gross Profit to find Operating income.

5. Income from operations

Gross profit net of operating expenses.

6. Other revenues and gains

Added to Operating Income.

7. Income from continuing operations before income taxes

8. Income taxes

Subtracted to find income from continuing operations.

9.  Income from continuing operations

10. Discontinued operations

Income from divisions and activities that have been discontinued.

11. Net Income

You might be interested in
In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.
melomori [17]

       Sunland Company

   Multi Step Income Statement

For the Year Ended December 31, 2022    

Net sales                                                                          $ 2,200,000

Less: Cost of goods sold                                                 ($ 1,257,000)

Gross margin / Profit                                                            $ 943,000

Less: Operating expenses                                                  ($ 722,000)

Income from operations                                                         $ 221,000

Other revenues and gains:    

Interest revenue                                                                     $ 35,000

Other expenses ans losses:    

Interest expense                                          ($ 72,000)  

Loss on disposal of plant assets                  ($ 18,000)           ($ 90,000)

Income before income taxes                                             $ 166,000

Income taxes expenses                                                         ($ 46,000)

Net income                                                                            $ 120,000

Sunland Company

Comprehensive Income Statement

For the Year Ended December 31, 2022    

Net income                                                                   $ 120,000

Add: Other comprehensive income                            $ 8,400

Comprehensive income                                            $ 128,400

Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.

Learn more about Net income (NI) here

brainly.com/question/15570931

#SPJ4

7 0
2 years ago
According to the video, which tasks do Urban and Regional Planners perform? Check all that apply.
Anit [1.1K]

Answer:

Wat

Explanation:

4 0
3 years ago
Read 2 more answers
When the fed sells treasury bonds on the open market, it will tend to?
Ne4ueva [31]
Here is my answer. DECREASING THE MONEY SUPPLY AND RAISING THE INTEREST RATES is what happens when the Treasury Bonds are being sold by Fed on the open market. An open market is also the same with free market wherein there are only minimal restrictions. Hope this helps.
7 0
2 years ago
International Food Services (IFS) has a contract with the Marines to supply meals for its troops in Afghanistan and other foreig
andrezito [222]

Answer:

C, the board of directors of IFS

Explanation:

The board of the IFS is ultimately responsible for the corporate climate that resulted in the use of substandard ingredients in the meals meant for the troops.

This is because the directors are the ones at the helm of affairs and they decide what happens in the IFS. This means that at least one of the directors is aware of the use of substandard ingredients . It can be said that if one knows, all other know. This phrase convieniently indicts the directors.

Cheers.

4 0
2 years ago
A city's potential for growth or its susceptibility to decline is determined by a set of economic activities that the city provi
lapo4ka [179]

Answer:

B

Explanation:

Economic base are businesses that generate employment in a community or a geographical area.

Economic base analysis is a theory that posits that activities in an area divide into two categories:

1) Basic industries are those exporting from the region and bringing wealth from outside.

2)Nonbasic industries support basic industries.

The basic industries of a region are identified by comparing employment in the region to national norms.

7 0
2 years ago
Read 2 more answers
Other questions:
  • Distinguish among a​ budget, a performance​ report, and a variance. A. A budget measures the differences between a performance r
    6·1 answer
  • Say that Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually
    13·2 answers
  • Alpha company anticipated unit sales of widgets are January, 5,000; February, 4,000; and March 8,000. Alpha consistently maintai
    12·1 answer
  • Identify the key purposes of the field of organizational behavior. Name 4 of the social sciences fields OB borrows from.
    13·2 answers
  • Have you ever had a dream that, that, um, that you had, uh, that you had to, you could, you do, you wit, you wa, you could do so
    7·2 answers
  • Financial leverage: Group of answer choices is the ratio of a firm's revenues to its fixed expenses. is equal to the market valu
    15·1 answer
  • Sandoval needs to determine its year-end inventory. the warehouse contains 20,000 units, of which 3,000 were damaged by flood an
    10·1 answer
  • Theresa, a cash basis taxpayer, purchased a bond on July 1, 2013, for $10,000, plus $400 of accrued interest. The bond paid $800
    11·1 answer
  • From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that Group of ans
    14·1 answer
  • The MC = P rule applies
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!