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3 years ago

The income statement will present_____________.

Business

1 answer:

Nata [24]3 years ago

3 0

Answer:

The correct answer is letter "C": revenues less expensive (ordered smallest to largest amounts) with miscellaneous expense listed last.

Explanation:

The Income Statement is a report that measures the financial performance of a company over a specific accounting period. Publicly traded companies are required to produce income statements, balance sheets, and cash flow statements for each quarter and year in accordance with the Generally Accepted Accounting Principles (GAAP).

<em>The income statement shows a company's revenue, expenses and net profit from both operating and nonoperating activities. Miscellaneous expenses -minimal and extraordinary expenses of the general ledger- are recorded at the bottom of the income statement, in case there is any.</em>

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The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: Account

Nuetrik [128]

Answer:

Postal Service

The amount that would be reported for Stockholders' Equity at December 31, 2015 is:

= $130,000.

Explanation:

a) Trial Balance

December 31, 2015:

Cash $15,000

Accounts receivable 11,000

Supplies 4,000

Prepaid insurance (12-month) 6,000

Equipment 210,000

Accounts payable $ 18,000

Accumulated depreciation – equipment 28,000

Note payable, due 6/30/16 70,000

Common stock 42,000

Retained earnings (1/1/15) 60,000

Dividends 14,000

Service revenue 133,000

Advertising expense 21,000

Depreciation expense 12,000

Insurance expense 3,000

Rent expense 17,000

Salaries and wages expense 32,000

Supplies expense 6,000

Totals $351,000 $351,000

Income Statement for the year ended December 31, 2015

Service revenue $133,000

Advertising expense 21,000

Depreciation expense 12,000

Insurance expense 3,000

Rent expense 17,000

Salaries and wages expense 32,000

Supplies expense 6,000 $91,000

Net income $42,000

Statement of Retained Earnings

For the year ended December 31, 2015

Retained earnings (1/1/15) $60,000

Net income 42,000

Dividends (14,000)

Retained earnings (December 31, 2015) $88,000

Equity:

Common stock $42,000

Retained earnings 88,000

Total equity $130,000

4 0

3 years ago

Joe, a human resources specialist for Jersey Office Supplies Co., rides along with the furniture delivery people to observe the

Svetllana [295]

Complete question:

Joe, a human resources specialist for Jersey Office Supplies Co., rides along with the furniture delivery people to observe the problems they were encountering and what activities they were required to perform. Joe was performing a:

A. personality test

B. performance appraisal

C. BARS

D. job analysis

Answer:

Joe was performing a job analysis

Explanation:

Job analyzes are a set of protocols for defining the contents for the job and the features or criteria required for the execution of the tasks. Job analytics provide employers with knowledge that helps to recognize which personnel is ideally suited to particular work.

An example of a job analysis model might list tasks or activities of the job and determine each performance level. Within this way, the role of job analysis is critical. Many companies typically take the same generic approach without details on the task description. All workers are tested in a similar set of features or characteristics presuming that they are required for all work.

6 0

3 years ago

Calico Corporation produced 2 comma 500 units in Job 903. The following data is provided for Job 903 for the year: Direct mater

geniusboy [140]

Answer:

The total cost of Job 903 is $5,073.20

Explanation:

The computation of the total cost is shown below:

= Direct material used + Direct labor cost + overhead cost (Predetermined manufacturing overhead rate per direct labor hour × Direct labor hours used in Job 903)

= $3,200 + $1,092 + ($18.60 × 42 labor hours)

= $3,200 + $1,092 + $781.20

= $5,073.20

7 0

3 years ago

On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimat

Ymorist [56]

Answer: $4,811

Explanation:

Assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible that would be,

= 6% * 98,700

= $5,922

The Allowance for Doubtful Accounts acts as a buffer for the business when bad debts are incurred.

Bad debts are taken from the Allowance as the Allowance has already been removed from the Receivables.

In cases where Bad debts exceed the buffer in the Allowance for Doubtful Debt Account we take everything in it and the remaining bad debt amount is debited to Bad Debt expense.

That would be,

= 5,922 - 1,111

= $4,811

$4,811 is the amount that should be debited to Bad Debts Expense.

3 0

4 years ago

Goods with many close substitutes tend to have a. more elastic demands. b. less elastic demands. c. price elasticities of demand

Aleksandr-060686 [28]

Answer:

The correct answer is (A)

Explanation:

Normally, goods which close substitutes tend to have more elastic demand as it is easier to switch from one brand to another because they are close substitutes. For example, if the price of Pepsi increases the consumers will easily shift towards Coca-Cola. So, close substitutes are price sensitive and they have high elastic demand compared to other goods.

4 0

3 years ago