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- Which of the following costs are reported on a company’s income statement andbalance sheet?Income statement Balance sheeta. Cost of goods sold Accumulated depreciationb. Accumulated deprecation Landc. Gain on sale of land Cost of goods soldd. Goodwill Accounts payableIf a company capitalizes costs that should be expensed, how is its income statement for the currentperiod impacted?A. Assets understatedB. Net Income understatedC. Expenses understatedD. Revenues understatedIdentify which one of the following formula is used to calculate the net income of the service companies in an accounting period? a.Net Purchases – Cost of goods sold b.Net Sales – Cost of goods sold c.Services Revenue – Operational and Administrative Expenses d.Operational and Administrative Expenses – Service Revenue
- The cost that is incurred in the process of generating the income will be called as O a. Expense b. Revenue Income O d. LossWhat transactions are included in income from continuing operations? Briefly explain why it is important tosegregate income from continuing operations from other transactions affecting net incomePrepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold
- What an organization generates from activities, other than its primary business activity, will be shown in its income statement as: A. revenues B. losses C. gains D. expensesIn a multiple-step income statement, operating expenses are subtracted from gross profit to compute a.other income. b.income from operations. c.net loss. d.net income.Profit is the difference between?a. Assets and liabilitiesb. Assets and equitiesc. The assets purchased with the cash contributed by the owner and the cash spent to operate the businessd. The assets received for goods and services and the amounts used to provide the goods and services
- Discuss the impact of the following ratios and usefulness to users of financial statements. Gross profit Margin Return on capital employed Operating profit (PBIT) percentage Asset turnover Gearing ratioCompute the consilidated net income of Company A.Which of the following would be considered a long−term asset? A. Office Supplies B. Land C. Retained Earnings D. Accounts Payable