All categories

3 years ago

An income statement reports the revenues earned minus expenses incurred by a business over a period of time.

Business

2 answers:

Alex3 years ago

7 0

Answer:

True

Explanation:

This is an income statement. Ex: Rent expenses, salaries expense, total revenues, etc.

Wewaii [24]3 years ago

3 0

I think the statement is false

You might be interested in

The simple interest earned on a certain amount is double the amount when invested for 10 years. What is the interest rate being

asambeis [7]

Answer: 10%

Explanation:

The formula to calculate the simple interest (I) is given by :-

$I=Prt---------(1)$

Final amount : $A=P+I---------(2)$

Given : The simple interest earned on a certain amount is double the amount when invested for 10 years.

i.e A = 2P

Put this in equation (2), we get

$2P=P+I\\\\\Rightarrow\ I=P$

Put the value of I in (1), we get

$P=Prt\\\\\Rightarrow\ rt=1$

Since t=10 years {given} , then

$r(10)=1\\\\\Rightarrow\ r=\dfrac{1}{10}=0.1$

In percent , $r=0.1\times10=10\%$

Hence, the interest rate is being offered = 10%

3 0

3 years ago

A key to economic growth and development is to:

denpristay [2]

According to economic theory, productivity is the main key to economic growth, It is, the relation between output over input. Productivity is mainly driven by four components: innovation, including the creation of new technologies: education to spread these new technologies and develop the capacity of the workforce, efficiency to promote the effective and flexible allocation of resources for production in various sectors.

7 0

3 years ago

The trial balance of Barger Company at the end of the accounting period, immediately prior to recording closing entries, showed

lesya692 [45]

Answer: $30,600

Explanation:

First calculate the earnings for the year.

Revenue is given. Expenses are also given and come out of revenue. Dividends also come out of revenue as well.

Retained Earnings for the year is therefore,

Retained Earnings for the year = Revenue - Expenses - Dividends

= 62,000 - 44,900 - 2,300

Retained Earnings for the year = $14,800

This figure should be added to the retained earnings of the previous period to find the total balance.

= 14,800 + 15,800

= $30,600

$30,600 is the closing Balance on Retained Earnings after closing entries.

8 0

3 years ago

Max chose to operate his production studio as a sole proprietorship even though his attorney cautioned that he was:____________

sergij07 [2.7K]

Answer:

<u>c. exposing himself to unlimited personal liability.</u>

Explanation:

One major characteristic of sole proprietorship being the individual is sole recipient of profits and sole bearer of all risks and liabilities.

A sole proprietor bears unlimited liability in the sense that, in case of bankruptcy, the proprietor's personal assets can be taken away to repay debts owed by him.

Though a proprietor also remains the sole recipient of all gains, similarly the proprietor is also exposed to unlimited risk.

Thus, the correct option is, c. exposing himself to unlimited personal liability .

8 0

3 years ago

Fill in the blanks to complete the sentence. A manufacturing company has budgeted production at 5,000 units for May and 4,400 un

GarryVolchara [31]

Answer:

Direct material purchases in May = 21,670× $10= $216,700

Explanation:

Material purchase budget is determined by adding the closing inventory of material to the material usage budget less the opening inventory.

Material budgets for May will be prepared as follows:

Materials needed for May production = 5,500 × 3 = 16,500

Materials needed for June production = 4,400× 3= 13,200

Closing inventory of raw material in May =60% × June requirement = 60% × 13,200 =7,920

Material purchase budget for February = Usage budget + closing inventory - opening inventory

= 16,500 + 7,920- 2,750=21,670

Direct material purchases in May = 21,670× $10= $216,700

3 0

3 years ago