Answer: The correct answer is "d. The income statement for a given year is designed to give us an idea of how much the firm earned during that year.".
Explanation: The statement "d. The income statement for a given year is designed to give us an idea of how much the firm earned during that year." is CORRECT because In accounting, the income statement is a financial statement that shows in an orderly and detailed way how the result of the year was obtained during a given period.
This financial statement is closed, since it covers a period during which the costs and expenses that gave rise to its income must be perfectly identified. Therefore, it must be perfectly applied at the beginning of the accounting period so that the information presented is useful and reliable for decision making.
Believes in something, values honesty and triump
Answer:
$1,680,000
Explanation:
Based on the information given we were told that the fair value of the building was the amount of $1,680,000 which means that the amount that the company would record the building is the fair value amount of $1,680,000.
Therefore the amount that the company would record the building is $1,680,000.
Answer:
Bobby cannot deduct the loss
Explanation:
Bobby cannot claim deductions for theft on his property because from 2018 to 2025 they are not allowed as itemized deductions unless they are federally declared disasters in which case he would still need to have to complete the form 4684 and use the form 1040 schedule A to report his claims
Answer: $22,000
Explanation:
The Statement of Changes in Equity records how the equity holdings of shareholders has change during the year. It includes drawings which reduce the balance and net income which adds to it.
Net income = Ending balance - Opening balance + Drawings
= 76,000 - 69,000 + 15,000
= $22,000