ne company na Initial Investr Additional In Owner's Draw Net Profit/(Ne

Q: Income Statement 1) Why are items such as sales and labour/Gross Profit on the CR side and items…

A: 1.Revenues are recorded in the credit side of the income statement. Thus, sales and labour/gross…

Q: What is the debit for the investment of the owner * O debit assets debit liability debit equity…

A: When owner invests amount or assets in the business, then one side it will increase assets for the…

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: Which of the following is reported in profit or loss in accordance with PAS 1? I.      Sales revenue…

A: PAS 1: Presentation of financial statement prescribes the basis of presentation of general purpose…

Q: Which of the following is an expense? a. Purchases b. Dividend received c. Sales d.

A: Expenses are to be paid by company So expenses are money to be paid.

Q: For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data.…

A: Discontinued Operations are the operations that are no longer in operation with the company. Some…

Q: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

Q: Determining how to spread out the cost of a durable good over time is important for O Tax purposes…

A: Division of equivalent cost in the for the life of asset is known as spreading out cost which is…

Q: for the cash flow to shareholders wouldnt the addition to retain earning be included?

A: Cash flow is the movement of cash. It can be inflow or outflow. Where cash comes comes, it is called…

Q: Payment of a divdend will :  A. Decrease net income  B. Increase net income  C. Decrease retained…

A: when companies earn income they share income with shareholders by way of dividend.

Q: Retained earnings, as a form of equityfinancing, area. gross earnings.b. profits before taxes.c.…

A: Equity financing: It is a method to raise money for business operations and growth. Retained…

Q: Which of the following would increase the value of an investment in associate?   a. Share in the…

A: Investment in associate : The term "associate investment" refers to an investment in an institution…

Q: When do we use the Income Summary Account? OA. At the beginning of the financial year to close net…

A: The income summary account provides the summary for loss or profits earned by business during…

Q: a) Prepare the journal entry to record Sarasota's investment in Washi. Assume that any unexplained…

A: Introduction: - Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Which item of the income statement represents the taxable income of the firm?     EBIT…

A: Taxable income is the income after deducting all the expenses in the business, before applying tax…

Q: Net profit is: O Not affect Deducted the capital O Add to Capital O Equal the capital O O O

A: Net Profit is the profit for the company, which is earned by the owner and therefore it is added…

Q: Which of the folowing would be considered an Other Comprehensive income item Ganon dholof dcartinued…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Return on assets

A: Return on assets is computed as net income upon total assets of the company.

Q: Which of the following is an incorrect statement?     Income - Expenses = Operating Incom…

A: Income - Expenses  = operating income   The statement is correct Operating income is calculated by…

Q: EBIT is Select one: O a. equity before tax and interest O b. gross profit O c. net profit O d. EBT…

A: EBIT means earnings before interest and taxes. This is an important element of income statement of…

Q: under which scenario EVA will be increased  optons are decrease in the captital employed decresae…

A: Economic Value Added The value generated by a company from the amount of money invested is known as…

Q: Eclipse Berhad Eclipse Berhad Income Statement as of 31 December 2022 Sales revenue Purchases…

A: Net after-tax earnings less any possible preferred dividends are the earnings that are available to…

Q: Increases to owner's equity may be from what?

A: Owners' Equity: This is the amount the investors have invested in business to get the ownership. The…

Q: On January 1, Allen Corporation purchased 30% of the 30,000 outstanding common shares of Towne…

A: FV-NI, or fair value through net income, indicates that changes (gains or losses) in the fair value…

Q: cost of holding inventory *

A: 1st answer :- Cost of Debt 2nd answer :- Carrying cost

Q: Match the best answer to each statement. Equipment belongs on the Choose. Income Summary belongs on…

A: The income statement and balance sheet are the financial statements.

Q: Specified investment business income does not include... Multiple Choice Dividends Rents Interest G…

A: The correct answer to the question is "Capital Gains"The specified investment business income…

Q: NPAT Less prefernce dividend is used in  O a. Return on Equity  O b. Return on Equity share…

A: A financial ratio is one of the important tools for analyzing a company’s financial statement. There…

Q: On January 1, 2023, Sheffield Corporation purchased 20% of the common shares of Martz Limited for…

A: Investment refers to the asset which is acquired by the investor for the motive of generating income…

Q: Explain the following A.Accounting profit B.Taxable profit C.Deffered taxes

A: In accounting we come across different terms related to the subject of accountancy.   Each term has…

Q: b. Calculate the business income apportioned to State X. Business Income State X

A: The organization operates a business to make a profit. Organizations earn income from business and…

Q: purchase on account on effect on current ratio

A: Current ratio is the ratio of current assets to current liabilities.  Current Ratio = Current Assets…

Q: Which ratio measures the overall return on the firm's assets including financial leverage and taxes?…

A: In finance we use different financial ratios to determine the financial health and condition of a…

Q: How much is the profit attributable to Owner's of the parent and NCI, respectively?

A: Profit attributable to the non controlling interest is the amount of profit over which the parent…

Q: Discuss, using practical why capital ratio is used to share a loss on realization

A: The ratio is used because the partners having more capital is liable for more loss and the partner…

Q: The monetary value charged to customers for the performance of services sold is called a(n) O asset…

A: Performance of service is the completion of service as per specification, They earn revenue for the…

Q: The term ‘Operating Profit’ means profit before _____ a. Interest b. Tax c. Interest and tax d.…

A: Formula: operating profit = Sales - Cost of goods sold - Operating expenses - Depreciation.

Q: The equivalent after-tax return for an investment is computed a O Pretax return / (1 1901 tax rate)…

A: After tax return is the difference between before tax or pretax return and tax expense on pretax…

Q: Interest paid and payable comes to the...............side of the profit and loss account.…

A: Eliminating the incorrect options:Option B. ReceiptReason: Interest paid represents money going out…

Q: Accumulated Reserve on admission of a partner can be divided using? O a. New Profit Sharing Ratio b.…

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: 11. Which type of financial assets are purchased only with the intent of selling them in the near…

A: FVTPL is subsequently measured at fair value  Any gain and loss in the fair value measurement to be…

Q: The proportion of profits distributed as dividends is called the and the retained proportion of…

A: Financial ratios refer to an accounting or business metric used by companies for comparing two…