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3 years ago

I identify the different names given to the income statement.

1 answer:

5 0

<h2>The other name for "income statements" are:</h2><h2>profit and loss statement, P&L, statement of earnings, or statement of operations.</h2>

Explanation:

An income statement is the most important "financial statements" which has the ability to show to the company's financial performance over a specific accounting period.

It includes the expenses, revenue and also the net income or loss for a particular accounting period.

Revenue is earned and also reported to the statement of operations / income statement.

Definition of the term:

Revenue: Money received through sale of products or services

Uses of income statement:

To determine the operating performance of your business over a period of time

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When a magazine company collects cash for selling a subscription, it is an example of: Multiple Choice An accrued liability tran

katrin [286]

The complete question is:

When a magazine company collects cash for selling a subscription, it is an example of:

1. A deferred revenue transaction

2. An accrued receivable transaction

3. A prepaid expense transaction

4. An accrued liability transaction

Answer:

A deferred revenue transaction.

Explanation:

In this scenario the magazine company has collected cash for a subscription. Subscriptions are payments that are made to gain access to a certain service. Take for example if a subscription has to be paid to a company to access their website for information. The cash has been collected but service is to be provided in the future. When service is not yet provided and payment is collected it is referred to as deferred revenue.

This is because the service has not yet been performed so revenue is not yet earned. When service is provided then the revenue is recognised.

7 0

3 years ago

Read 2 more answers

On January 1, 2017, Boston Enterprises issues bonds that have a $2,050,000 par value, mature in 20 years, and pay 8% interest se

kari74 [83]

Answer:

Boston will pay (in cash) to the bondholders every six months $125,146.31.

Explanation:

The interest paid in cash PMT, can be calculated as follows :

PV = $2,050,000

N = 20 × 2 = 40

R = 8%

FV = $2,050,000

P/yr = 2

PMT = ?

Using a financial calculator to enter the above data concerning the bond, the payments (PMT) every six months is $125,146.3062 or $125,146.31.

7 0

4 years ago

What budget allocation can be changed if you alter your daily spending habits?

tino4ka555 [31]

I would suggest savings since the other 3 are mandatory payments

4 0

3 years ago

Read 2 more answers

Which of the following should you do during an interview?

Shtirlitz [24]

The best answer is D) <span>Tell stories of how you worked with others to complete a project or solve problems.

Option D indirectly allows you to reveal your strengths as an employee and your focus on teamwork.

Option A brings the conversation to your firing and makes it sounds like you take no accountability for it. Option B is the opposite of what any employer wants to hear. Option C is a bad way to present yourself when the employer has not even established whether or not he/she wants to hire you. </span>

6 0

3 years ago

The Ferre Publishing Company has three service departments and two operating departments. Selected data from a recent period on

Jet001 [13]

Answer:

The Ferre Publishing company

Service Costs Assigned to each Operating Department:

Service Departments Operating Departments

Admin. Janitorial Mainten. Binding Printing Total

Costs $168,000 $126,000 $57,600 $330,000 $516,000 $1,197,600

Admin (168,000) 100,800 67,200 0

Janitorial (126,000) 36,000 90,000 0

Maintenance (57,600) 19,200 38,400 0

Total cost $486,000 $711,600 $1,197,600

Explanation:

a) Data and Calculations:

Service Departments Operating Departments

Administration Janitorial Maintenance Binding Printing Total

Costs $168,000 $126,000 $57,600 $330,000 $516,000 $1,197,600

Number of

employees 60 35 140 315 210 760

Square feet of

space occupied 15,000 10,000 20,000 40,000 100,000 185,000

Hours of

press time 30,000 60,000 90,000

Allocation bases:

Administration cost = Number of employees 525

Janitorial cost = Square feet 140,000

Maintenance cost = Hours of press time 90,000

Allocation Rates and to Operating Departments:

Administration $168,000/525 = $320 per employee

Binding = 315 * $320 = $100,800

Printing = 210 * $320 = $67,200

Janitorial costs = $126,000/140,000 = $0.90 per square feet

Binding = 40,000 * $0.90 = $36,000

Printing = 100,000 * $0.90 = $90,000

Maintenance costs = $57,600/90,000 = $0.64 per press hour

Binding = 30,000 * $0.64 = $19,200

Printing = 60,000 * $0.64 = $38,400

3 0

3 years ago