To prepare an income statement, you will need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize your income statement with business details and the reporting period.
If you can't find the time to make one from scratch, there are templates that can be used to help.
gross margin : the amount of money a company retains after incurring the direct costs associated with producing the goods it sells and the services it provides.
net income : net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses.
Answer:
Option (B) is the right answer.
Explanation:
According to the investment company Act of 1940, the investment companies are those companies whose main business is to gathers investment capital to invest them in marketable securities.
Hence According to the scenario, the most appropriate answer is option (B).
While the other option is incorrect because of the following reason:
- Brokers/dealers can not be considered as an investment company because they are not the company.
- Pooled investments in metals are not an investment company but considered as the commodity pool.
- Insurance companies are also not investment companies.
Answer:
B) Direct materials used + direct labor + factory overhead + beginning work in process - ending work in process.
Explanation:
The formula to compute the cost of goods manufactured is shown below:
= Direct material used + Direct labor + Manufacturing Overhead
where,
Manufacturing Overhead equal to
= Factory overhead + Beginning work-in-process - Ending work-in-process
Or we can say that
Direct material used + direct labor + factory overhead + beginning work in process - ending work in process
I say to look it up on the internet.
Answer:
Adjustments for enterprise fund-basis statements from their original modified accrual basis would not be included in the required reconciliation of the Governmental Fund Balance Sheet to the governmental activities Statement of Net Position.
