The income statement may include all of the following items except 1. Interest expense 2. Accumulated Depreciation 3. Earnings after tax 4. None of the answers provided is correct
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![The income statement may include all of the
following items except
1. Interest expense
2. Accumulated Depreciation
3. Earnings after tax
4. None of the answers provided is correct](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf26b3b7-1935-451b-8a66-286d211649bf%2F7a1df5ba-b62b-4194-aae6-131ee0df0849%2Fqks1jc_processed.jpeg&w=3840&q=75)
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- Which of the following accounts would not be involved in preparing the income statement? Group of answer choices Tax expense All the accounts would be involved in preparing the income statement. Interest income Accumulated depreciation Depreciation expenseWhich of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPSWhich of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expenses
- Please answer clearly and thoroughly1) On the RE Statement it shows the Net Income, if there is a loss will it show Net Loss?2) How do you configure the Net Income or Net Loss amount?1. Consider each of the items below. Place the proper letter in the blank space provided to indicate the nature of the account or accounts to be debited when recording each transaction using the preferred accounting treatment. Prepayments should be recorded in balance sheet accounts. Disregard income tax considerations unless instructed otherwise. a. asset(s) only b. accumulated amortization, depletion, or depreciation only c. expense only d. asset(s) and expense e. some other account or combination of accounts 5,400 1. A motor in one of North Company's trucks was overhauled at a cost of $600. It is expected that this will extend the life of the truck for two years. 2. Machinery which had originally cost $130,000 was rearranged at a cost of $450, including installation, in order to improve production. 3. Orlando Company recently purchased land and two buildings for a total cost of $35,000, and entered the purchase on the books. The $1,200 cost of razing the smaller building, which has…Which of the following items will not be shown in the balance sheet of ahotel? A. customer loyalty value B. accounts payable C. Intangible assets D. accrued taxes
- On the multiple-step income statement, which of the following would be the least likely to be found in the section often described as "Other Revenues and Expenses" (or "Other Income and Losses)? a. Dividend revenue b. Interest expense c. Gains or losses on the sale of a long-term asset d. Interest revenue e. Income tax expense10. Match the account headings to the relevant headings of the balance sheet where they will be reflected. 1. tax payable 2. inventory 3. goodwill 4. retained earnings P Type here to search N. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) Provisions
- Which is not generally accepted in presenting the income statement? A) the condensed income statement B) including income tax in determining income. including prior period error in determining income D) the consolidated income statement To D23. What is the process of incorporating an item in the statement of financial position or statement of profit or loss and other comprehensive income, when it meets the definition criteria? a. None of the options b. De-recognition c. Recognition d. MeasurementDetermining amounts for items omitted from income statement One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by ietter.