What is the net income?
Q: determine the net income
A: To determine the Net income of the business. We have to prepare Income Statements to determine the…
Q: What does comprehensive income provides?
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: What is comprehensive income, and what does it include?
A:
Q: how much was net income?
A: Net Income = Change in Retained Earnings + Dividend paid Retained Earnings in 2017 = Total…
Q: What are economic events?
A:
Q: How do I determine net income
A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…
Q: WHAT IS THE TOTAL COMPREHENSIVE INCOME
A: Incomes routed through profit and loss are shown pretax and at the end the income tax is reduced…
Q: What is an income summary account? Why it is needed?
A: Income summary accountIncome summary account is a temporary account primarily used for specific…
Q: What are some economic conditions that affectthe cost of money?
A: The economic conditions that impact the cost of money as follows: Fiscal deficits: The variance…
Q: How to prepare pro-forma income statement?
A: Income statement is a statement which shows all incomes, expenses for calculation of net profit or…
Q: Define accrual-basis net income.
A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…
Q: What is comprehensive income?
A: Definition: Comprehensive Income: When there is a change in the total stockholder's equity from all…
Q: What does the gross profit percentage measure, and how is it calculated?
A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…
Q: What is the net income from the following incor
A: Net Sales = Sales - Sales return = 12800 - 360 = 12440
Q: what items are included in an income summary repor?
A: An income summary account is prepared at the end of accounting period to which all the incomes and…
Q: What is net income? Give three examples?
A: Net income is the calculation of the remaining amount with an organization after deducting taxes,…
Q: What is meant by net income and net loss?
A: When the company has more amount of revenue it would have positive income whereas when company has…
Q: Net income *?
A: Looking the bottom line of the income statement, net income = P650000
Q: How do you determine net income applying the accrual accounting model?
A: Accrual Accounting Model:This method is a widely used basis of accounting that suggests the timing…
Q: What is the purpose of the income statement?
A: Financial statement: Financial statements are condensed summary of transactions communicated in the…
Q: What is the Operating Income?
A: As per your request the solution is as per your specified requirement. Operating income is the…
Q: What is the median income?
A: Income distribution specifies how the countries income or GDP is distributed among the population.…
Q: How to calculate income statem
A: Income Statement The income statement is one in all the main financial statement for a business that…
Q: What is gross profit? How do you calculate it?
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: What is income approach measurement?
A: Step 1 The income approach is a real estate valuation tool that determines fair market value based…
Q: What is the difference between capital expenditure and revenue expenditure?
A: Capital Expenditure: Expenses Incurred and the corresponding benefit out of such expenses lasts for…
Q: Net income will be:
A: Net income can be calculated by using the following formula:
Q: What is gross income?
A: The concept of gross income can be understood in two contexts 1. for corporates 2. for individuals
Q: What are the definition criteria of an income and an expense?
A: Ans. Income is money what an individual or business receives in exchange for producing goods or…
Q: Distinguish between operating income and net income?
A: The main purpose of carrying on business operation is earning profits or income. It is the incentive…
Q: what is asset? what is gross profit?
A: Financial statements: These are the financial reports prepared by an organization for a financial…
Q: What makes up gross income?
A: Gross income is direct income of a business generated from direct revenues of the company. It is an…
Q: How is the earned income credit determined?
A: Earned income credit: Earned income credit is a refundable tax credit system designed by the federal…
Q: What is the strategy based on the income statement?
A: Income Statement is one of the most important part of any Financial Statement of the company. First…
Q: What is net worth or shareholders’ net worth?
A: The stock holder’s net worth or net worth is the difference between total assets and liabilities of…
Q: What is the difference between operating and non –operating income?
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: What is the difference of net income and gross income?
A: The answer is provided as follows:
Q: Define net income.
A: Definition: Earnings: The bottom line of an income statement which is the result of excess…
Q: How is gross profit calculated, and what does it represent?
A: Gross profit is the difference of amount obtained by subtracting Cost of goods sold from Net…
Q: How does EVA differ from accounting net income?
A: Economic Value Added and accounting net income are the methods of businesses that can be used to…
Q: How do you calculate net income if retained earning and dividend is given?
A: Net Income = Ending retained earnings - Beginning retained earnings + Dividend
Q: Differentiate between net income and net cash flow?
A: Net Income is the difference between revenue and expenses recognized in an accounting period.Net…
Q: income be affected
A: Operating income is the amount of revenue realized from the operations of the business, after…
Q: What is the formula used to get the answers in interest expense and net income?
A: The interest expense is the amount a borrower has to pay against the amount borrowed. It is…
Q: what is the revenue and gross profit
A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…
Q: What are the characteristics of a strong income statement?
A:
What is the net income?
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- How do you Calculate the cost of labor-to-sales ratio from the numbers below Profit & loss account 2019Sales $ 618,603,629 Purchasing costs $ 397,925,058 Material costs $ 217,667,630 Services $ 167,622,858 Use of assets owned by other $ 12,634,569 Costs of employees $ 96,805,799 Depreciation & Amortization $ 27,586,951 Other operating items $ 67,196,537 Variation of Raw Material $ (1,543,807)Operating P/L [=EBIT] $ 29,089,285 P/L for period [=Net income] $ 19,331,064 Calculate the purchase-to-sales ratioCalculate the cost of labor-to-sales ratioJustify your calculationsComment about the value obtained: is in line with what you were expecting, considering the benchmark seen in class?Assume the following data for Eim Alex Company for the years 2019, 2020, and 2021. Year Lifting.(Production) Costs (excluding DD&A) DD&A Production bbl 2019 750,000 855,000 325,000 2020 685,000 787,000 297,000 2021 578,000 729,000 362,000 Compute the DD&A per BOE for 2019. O 2.6308 2.6380 2.3680Do the calculations in excel, attach excel screenshots and explain the steps and formulas used for solving the problem. Following are the particulars available
- Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…Thank you
- KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800,000 783,000 353,000 P430,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets 2X20 2X19 Cash Accounts receivable Inventory Accounts payable P672,000 775,000 834,000 521,000 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…Presented below is information related to Kaisson Corporation for the last 3 years. Base-Year Cost Current-Year Cost Item Quantitiesin EndingInventories Unit Cost Amount Unit Cost Amount December 31, 2019 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2020 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2021 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…
- Below is the Income Statement of Company A for 2020-2021 in KWD. 2021 2020 t of Sales Revenue 1,000,000 1,200,000 Cost of GoodsSold 500,000 660,000 Gross Profit 500,000 540,000 Marketing Expenses 70,000 120,000 Administrative Expenses 150,000 132,000 Net Income 280,000 288.000 Enter the Common Size Percents for 2021 and 2020 (1 Common Size Percents - Common Size Percents - 2021 2020 Sales Revenue Cost of Goods Sold Gross Profit Marketing Expenses Administrative Expenses Net IncomeKM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 5,800,000 783,000 353,000 P430,000 24,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets Cash Accounts receivable Inventory | Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…Presented below are the condensed income statement of Vital Corporation for the years ended December 31, 2020 and 2019: 2020 2019 5,000,000 3,350,000 1,650,000 675,000 975,000 200,000 1,175,000 411,250 763.750 Sales Cost of goods sold Gross income 4,900,000 3,300,000 1,600,000 650,000 950,000 Operating expenses Operating income Gain on sale of division Net income before income tax 950,000 332,500 617,500 Income tax expense (35%) Net income On October 10, 2020, Chalangs entered into an agreement to sell the assets of one of its geographical segments. The geographical segment comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the company. The segment was sold on December 31, 2020, for P1,750,000. The book value of the segment's assets was P1,550,000. The segment's contribution to Chalangs' operating income before tax for each year was as follows: 2020 113,750 loss 81,250 income 2019 Assume that by…