Answer:
(B) False
Explanation:
As we know that
Net income = Total revenues - total expenses
The main difference between the single - step income statement and the multi-step income statement due to classifications
In the single - step income statement, we normally
Revenues
Total revenues (A)
Expenses
Total expenses (B)
Net income (A-B)
while in multi-step income statement,
Sales revenue
Less: Cost of goods sold
Gross profit
Less: Operating expenses
General and administrative expenses
Depreciation expense -
Profit before tax
Less: income tax
Net income
So in both the cases, the amount of the net income is equal.
Try looking for the worksheet with the answer key
The value of the American dollar would go down drastically. By doing that it would increase the prices of basically anything and everything. It will place our country in an immense debt and could potentially have our country fail.
Answer:
The correct answer to the following question is option C) $15,000 .
Explanation:
Harley signed and gave a blank check to the Pro accountants , and giving them them the authority to fill the amount by themselves but she had already came to an agreement with Pro accountant that the amount they would fill is $10,000 . But Pro accountants didn't do that, instead they filled the check for $15,000 , and gave the check to valley bank , now the valley bank has the full authority to enforce the full $15000 amount .
Answer:
No gain or loss.
Explanation:
Given:
Amount of spice mixture = 470 pound
Current price = $2.35 per pound
Future price = $2.73 per pound
Computation:
We know that, Future price of spice mixture is higher than current price of spices.
But contract price is fixed at $2.35.
Therefore, no gain or loss will be recognized.
