What is this classified as on the income statement? Change in accounts payable Revenue Expense 2271 Depreciation Other Farm income

Q: how to calculate Average Total Assets   is it total of non current asset + current asset or…

A: Average total Assets is calculated by using the following formula: Average Total Assets = (Total…

Q: Gross profit is equal to Select one: a.  revenues - expenses b. sales - cost of goods sold c.…

A: The income statement is prepared to find the net income or losses incurred during the period.

Q: Land improvements include: Oa. surveying fees. Ob. sales tax. Oc. freight. Od. outdoor lighting.

A: Concept of Land Improvement Examples of land improvements include paved parking areas, driveways,…

Q: A To adjust CAPEX for taxable income B To isolate changes due to buying or selling of CAPEX C To…

A: The net capital expenditures are the difference between capital investments and depreciation, and…

Q: Which of the following is included in computing the total gross income?  Incidental revenue Net…

A: Gross Income - It the amount of total income which includes from the other sources include operating…

Q: . Finance the farm manager's personal expenses,

A: Liability refers to a future obligation that a person or a company has to pay at a future date These…

Q: can refer to a company's remaining revenues after paying all expenses and taxes. Select one: a.…

A: Revenue is the total amount of income generated by business by way of selling of goods and services.…

Q: Under which basis of accounting are revenues and expenses reported in the income statement in the…

A: Accrual Accounting - Under Accrual Basis of accounting revenue is recorded only if earned and…

Q: Identifying capital and revenue nature receipts and expenses from following information: Salary…

A: Revenue nature expenses are those expenses, which are incurred for daily operations. Capital nature…

Q: Where Are Depreciation Expenses Reflected in a Financial Statement?

A: DEPRECIATION EXPENSES    Depreciation Expense Means Gradual Decrease in the Value of an Assets due…

Q: What accounts go on the income statement? How are income statements completed?

A: Income statement is a part of the financial statement which is prepared by an organization. Income…

Q: Differentiate the net farm income, economic profit, and accounting profit.

A: Profit or Income: Profit or income is the amount of revenue realized from the operations of the…

Q: The following are the balances of NBO for the year ended 31/12/20 Particulars OMR Particulars OMR…

A: SOLUTION- WORKING NOTE- 1-NET INTEREST INCOME MEANS DIFFERENCE BETWEEN INTEREST RECEIVED ON INTEREST…

Q: What are the effects of depreciation on the profit and loss account and balance sheet?

A: INTRODUCTION: A depreciation plan or chart makes it easier for organizations to keep track of…

Q: Which of the following methods may be used by farmers to determine their gross income? *…

A: Accounting method: It is a set of rules that are use to determine the reporting of income and…

Q: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: Accrual Accounting - The Matching Concept How can expenses be recognized in the income statement…

A: The matching concept is a fundamental principle in accounting that requires the recognition of…

Q: Income Taxation What did you learn in the subject income taxation

A: Learning from income tax   1) Income tax collection is maintained by the internal revenue services…

Q: Accounting for property dividends and accounting for property payables explanation and example.

A: Answer: Accounting for Property dividends covers the dividend paid to investors in form of assets.…

Q: How to compute gross estate

A: "Gross estate" could be a term that won’t describe the entire dollar price of a personality's assets…

Q: Briefly discuss how would you determine the taxable income of farming operations..

A: The taxable income is the income on which the tax is calculated. The taxable income is calculated by…

Q: What is the relationship between depreciation and net income?

A: Depreciation is the part of cost of a asset which is charged to income statement yearly as a expense…

Q: How did you come up the number for Income before income tax, why did you subtract the quipment cost.

A: Income before tax=Tax expenseTax rate-Depreciation expense

Q: The ledger of Blossom Company contains the following balances: Owner's Capital $ 28,600, Owner's…

A: The question is based on the concept of Financial Accounitng.

Q: The times interest earned ratio is computed as Oa. Income Before Income Tax + Interest Expense Ob.…

A: Times interest earned ratio depicts the ability of an entity to service its interest expense. It…

Q: Where Are Depreciation Expenses Reflected in a Financial Statement?

A: Depreciation expense is debited to income statement.

Q: What items are not presented on the income statement?

A: Income statement:The financial statement which reports revenues and expenses from business…

Q: The Murdock Corporation reported the following balance sheet data for 2024 and 2023: Cash…

A: The question is based on the concept of Cash Flow Statement.Statement of cash flows :It is the…

Q: how do you calulate interest income and interest expense

A: Interest Income : It is the total amount earned by an individual or an entity during a specific time…

Q: Land is classified on the Income statement in the Revenue section as income earned. True or False

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Which of the following is business income for NOL purposes?    Interest earned on savings account.…

A: If your deductions for the year are more than your income for the year, you may have a net operating…

Q: HOMEWORK Please tell me if the following are found Assets, Liabilities, Equity, Revenue, or Expense…

A: Type of accounts:

Q: what type of account accumulated depreciation? and depreciation expense is and on what statement…

A: Accumulated depreciation is the total depreciation allocated to asset since the asset was used.…

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: A net income will _______ the owner's capital account.

A: IncreaseExplanation:When a business generates a net income, it means that its total revenues exceed…

Q: What does the credit balance in the Accumulated Depreciation account represent?

A: The Accumulated Depreciation account is a contra-asset account that accumulates depreciation…

Q: Question. Where Are Depreciation Expenses Reflected in a Financial Statement?

A: The main financial statements of the business include the income statement and balance sheet.  The…

Q: Amount of money borrowed or invested on the origin date.

A: Initial Investment - Owner of the organization either borrowed money or invested their own fund to…

Q: ome/loss at the end of income statement

A: The net income/loss at the end of income statement is  total income(loss) from continued and…

Q: Why do we report gains and losses of fixed assets on the income statement when we sell our fixed…

A: the gain or loss on the sale of fixed assets is typically reported as a separate line item on the…

Q: The return on assets is calculated by Oa. dividing net income before taxes and interest expense by…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Q: Item Billions of Dollars Checkable Deposits Small Time Deposits Currency Held By The Public Savings…

A: Physical cash, traveler's checks, demand deposits, and other checkable deposits are included in M1,…