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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).

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.

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Manchester Company sells equipment on June 1, 2021, for $222,400 cash. Manchester incurred $1,280 of removal and selling costs o

drek231 [11]

Answer and Explanation:

The journal entries are as follows:

But before that the accumulated depreciation for 3 years is as follows:

Cost $400,000

Less: Residual value $64,000

Depreciable cost $336,000

Divide by Useful life 10

Annual Depreciation $33,600

Accumulated depreciation for 3 years $100,800 ($33,600 × 3 years)

Now the journal entries are as follows:

On June 1, 2021

Depreciation expense $14,000 ($33,600 × 5 months ÷ 12 months)

To Accumulated Depreciation $14,000

(Being depreciation expense is recorded)

On June 1,2021

Accumulated Depreciation $114,800 ($100,800 + $14,000)

Cash $221,120 ($222,400 - $1,280)

Loss on Disposal $64,080

To Equipment $400,000

(Being the disposal of an asset is recorded)

On June 1, 2021

Depreciation expense $14,000 ($33,600 × 5 months ÷ 12 months)

To Accumulated Depreciation $14,000

(Being depreciation expense is recorded)

On June 1,2021

Accumulated Depreciation $114,800 ($100,800 + $14,000)

Loss on Disposal $285,200 ($221,120 + $64,080)

To Equipment $400,000

(Being the disposal of an asset is recorded)

7 0

3 years ago

Investment companies or mutual funds that continue to sell and repurchase shares after their initial public offerings are referr

Furkat [3]

Answer:

Open end

Explanation:

Open end otherwise known as mutual fund are those investments offered through fund companies which sells shares directly to investors. In an open end fund investment, there is no limit to the number of shares that can be offered therein. The shares traded are unlimited which means that shares can be issued in as much can be backed up with funds.

The prices for open end funds are fixed once daily which shows the performance of the investment for that day hence the only price at which investment shares can be bought for that day.

5 0

3 years ago

Discs and the Internet are unreliable and often slow, and there's nothing quite as distracting as "_____" in the middle of a pre

forsale [732]

Answer:

Discs and the Internet are unreliable and often slow, and there's nothing quite as distracting as "having this issue" in the middle of a presentation.

Explanation:

Presentation is often a formal talk or sharing of ideas about a topic which can be on any field, matter, discovery, product, to an audience.

Since discs are used for optical storage, which allows data storage and data retrieval are very good to store information for presentation.

However, discs can be unreliable likewise the internet. As a disc is a computer hardware, it can be attacked by a computer virus thereby affecting the stored data, and the internet speed also varies across locations, all these can cause distractions in the middle of a presentation especially if one needs the disc and the internet to be able to render a presentation efficiently.

7 0

2 years ago

Taxes a distort incentives and this distortion causes markets to allocate resources inefficiently. b do not distort incentives,

RUDIKE [14]

Answer:

Letter a is correct. Distort incentives and this distortion causes markets to allocate resources inefficiently.

Explanation:

What happens is that when rates rise, it causes an imbalance in supply and demand, because at higher rates companies are forced to raise prices to offset tax costs, so the pass-through of consumer prices discourages consumption and as a consequence of less consumption, production also decreases, causing the inefficient allocation of market resources.

7 0

3 years ago

A stock will have a loss of 13.6 percent in a recession, a return of 12.3 percent in a normal economy, and a return of 27 percen

SpyIntel [72]

Answer:

Standard deviation =21.34

Explanation:

Standard deviation is measure of the total risks of an investment. It measures the volatility in return of an investment as a result of both systematic and non-systematic risks. Non-systematic risk includes risk that are unique to a company like poor management, legal suit against the company .

Standard deviation is the sum of the squared deviation of the individual return from the mean return under different scenarios

Expected return (r) = (13.6% × 0.33 ) + (12.3% × 0.36) + (27%× 0.31)=17.3%

Outcome R (R- r )^2 P×(R- r )^2

Recession 13.6 13.6 4.5

Normal 12.3 24.9 8.9

Boom 27% 94.4 29.3

Total 42.7

Standard deviation = √42.7 = 21.34

Standard deviation =21.34

3 0

3 years ago