Q: Prepare Income statement
A: Formula: Net income = Total revenues - Total expenses
Q: what are the most significant differences between an income statement and a balance sheet?
A: The income statement and balance sheet are both part of the financial statements.
Q: How to interpret an income statement?
A: Income statement: It shows all the income earned by the business and the expenses incurred during an…
Q: What is a summary income account?
A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…
Q: tatements:
A: The income statement determines the net income of the business by subtracting the total expenses…
Q: What does the income statement report?
A: Income statement is the financial statement which reports revenues and expenses from business…
Q: Prepare the following i. The income & expenditure account for the financial period
A: Income and expenditure is similar to P & L A/C of trading /business entities.it is used by non-…
Q: What does the income statement measures?
A: Income statement: The financial statement which reports revenues and expenses from business…
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: When are revenues and costs recorded in accrual accounting
A: The Answer
Q: What basic characteristic distinguishes items reported onthe income statement from items reported on…
A: Balance sheet is the financial statement of a company. It helps in maintaining the records of…
Q: Using the accrual accounting paradigm, how do you calculate net income?
A: This question explains about the accrual accounting paradigm
Q: how to do a income statement?
A: Income statement: The income statement is one of the vital reports showing the performance of the…
Q: What is the basic equation underlying the income statement?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Calculate Net interest Income Non-interest income Non-interest expenses
A: Given a statement of the balance of a bank and we need to find out the interest income noninterest…
Q: What is a prepaid expense and where is it reported in the financial statements?
A: Prepaid expense: Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…
Q: income statement show
A: Income statement is a part of financial statements.
Q: Which are the Typical elements that are itemized in the income statement?
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: What is the net income from the following incor
A: Net Sales = Sales - Sales return = 12800 - 360 = 12440
Q: What is the difference between income statement and statement of comprehensive income?
A: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules and…
Q: How do I make an income statement?
A: Income statement depicts the net profit earned or loss suffered by the organization over a period of…
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 the difference between accounting income and economic income?
A: Accounting income can be defined as an estimate of the performance in the operations of the company.…
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 referred by unearned income? How is it adjusted in the final accounts?
A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…
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: How much is the amount reported as Cther Income?
A: Other income is the income which a business or a company has earned during the year which has come…
Q: what is the process of projecting the income statement
A: Income statement forms a part of financial statements and is prepared with a view to calculate the…
Q: Why should inventories be included in (a) a statement offinancial position and (b) the computation…
A:
Q: Is there a certain order in listing the expense accounts of an income statement?
A: Yes, as per international financial reporting standards the income statement is to be prepared in…
Q: How does income statements disclosures are made?
A: Income Statement: It is financial statement of an organization at the end of the period to report…
Q: What is meant by the terms elements and items as theyrelate to the income statement? Why might items…
A:
Q: What type of account is accrued income
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…
Q: Net income calculated
A: Net income represents the income eared by the company that is presented in the income statement.
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: What is the tabular approach for finding the net income?
A: Net Income is the profit calculated after deducting all the expenses and paying off all the…
Q: Which of the following must be charged to the income statement?
A: Answer: Option 4.
Q: How is net income calculated? Define revenues and expenses?
A: Formula to calculate net income :Net income = Sales revenue + Interest revenue - (Total expenses +…
Q: Explain the income statement
A: The given Income Statement is a Consolidated Income Statement of Chevron Corporation giving…
Q: What is the period of time covered by the income statement?
A: Answer:; Income statement is made for the period of one year and it is stated as for the year ended…
Q: What does it mean when you have a debit balance of accrued interest income? Does a Debit balance…
A: The accrued expenses are the expenses incurred but not paid yet and hence are recorded as liability.…
Q: If this information was used to prepare an income statement Net Income should be:
A: Net Income is the amount of profit/losses left in the business after deducting all non-operating…
Q: Which are the total interest expense in the statement of profit or loss?
A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…
Q: When is the The Income Statement used?
A: Income statement: The financial statement which reports revenues and expenses from business…
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 are the components of income statement?
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Identify the uses and limitations of an income statement.
A:
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- 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…Prepare a common size statement for Mickey Corp and Mighty Corp Mickey Corp. Mighty Corp Sales 2,300,000.00 1,860.000.00 Cost of Sales. 1,050,000.00 980,000.00 Gross Profit on sales. 1,250,000.00. 880,000.00 Operating expenses 950,000.00 400,000.00 Net Income. 300,000.00. 480,000.00a) Prepare common statementb) Give your written analysis.The following financial statements relate to Inna Projects Limited:Statement of Comprehensive Income for the year ended 30 June 2018R’000Sales (Credit)8 000Cost of sales2 000Gross profit6 000Operating expenses2 800Operating profit3 200Interest expense220Profit before tax2 980Tax (25%)745Profit after tax2 235Statement of Financial Position as at 30 June 2018ASSETSR’000R’000Non-current assets45 320Current assets13 980Inventory5 080Debtors7 600Bank1 30059 300EQUITY AND LIABILITIESOwners’ equity54 040Capital39 000Retained income15 040Non-current assets3 000Current liabilities2 260Creditors2 26059 300Note: Inventory on 1 July 2017 amounted R3 000 000.Required:Calculate the following ratios and where applicable round off answers correctly to two decimal places:2.1 Gross margin (5)2.2 Inventory turnover (5)2.3 Debtors collection period (5)2.4 Return on own capital (5)2.5 Acid test ratio (5
- 1. Prepare a comparative statements for Sunshine Co. showing an income statement for 3 year period. 2019. 2020. 2021Sale 500,000. 475,0000. 505,000Less: Cost of sales. 300,000. 210,000. 250,000Gross Profit on Sales. 200,000. 265,000 255,000Less: Operating Expenses. 120,000. 180,000. 155,000Net Income 80,000. 85,000. 100,000Use the following information (in thousands):Service Revenue¥1,600,000 Income from continuing operations200,000 Net Income180,000 Income from operations440,000 Selling & administrative expenses1,000,000 Income before income tax400,000Determine the amount of other income and expenseIf the gross profit 196 000 ID, other revenue and gains 4 360 ID , operating expenses 143.900 ID, net purchases 1200000ID the net profit is:
- The following extracts relate to Company X and Company Y for 20X1: Co X $000 Co Y $00 Revenue 20,000 26,000 Cost of sales (15,400) (21,050) Gross profit 4,600 4,950 Expenses (2,460) (2,770) Operating profit 2,140 2,180 What is the operating profit margin for both companies for 20X1? Со х Co Y A 10.7% 8.38% В 8.38% 10.7% 23% 19% D 12% 10%moodle1.du.edu.om/m Moodle English (en) - The following table shows some selected financial information of TRC Company. According to the given information, which of the following shows the Operating Profit Margin correctly? Gross Sales 98,000 Sales returns and discounts 3,000 Total Assets 125,000 Shareholders' Equity 85,000 Current Assets 46,000 COGS 52,000 Operating Expenses 17,000 Select one: O a. 0.33 O b. 0.27 to search DELL F4 F5 F6 F7 F8 F10 %23 % % 3 r 7 8 A E T YABC Co its selected financial statements items are given as following. Gross profit equals to 100.000 TL, EBIT equals to 50.000 TL, Net Income equals to 20.000 TL, total depreciation & amortization expenses equals to 10.000 TL, cash and Cash Equivalent equals to 10.000 TL, Financial debt equals to 80.000 TL. The EV/EBITDA multiplier in the industry the company is in is 7. Find the value of the company using the EV/EBITDA multiplier method.
- The following are available for divison X and Y Profit before interest and tax X 185 000 Y172 000 Capital employed X 1 540 000 Y 1 650 000 The cost of capital is 10% comment on the performance of the departments based on a. Return on capital employed b.residual incomeSolvency and Profitability Trend Analysis Addai Company has provided the following comparative information: 20Y8 20Y7 20Y6 20Y5 20Y4 Net income $273,406 $367,976 $631,176 $884,000 $800,000 Interest expense 616,047 572,003 528,165 495,000 440,000 Income tax expense 31,749 53,560 106,720 160,000 200,000 Total assets (ending balance) 4,417,178 4,124,350 3,732,443 3,338,500 2,750,000 Total stockholders’ equity (ending balance) 3,706,557 3,433,152 3,065,176 2,434,000 1,550,000 Average total assets 4,270,764 3,928,396 3,535,472 3,044,250 2,475,000 Average total stockholders' equity 3,569,855 3,249,164 2,749,588 1,992,000 1,150,000 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: 20Y4–20Y8 Return on total assets 28%…Solvency and Profitability Trend Analysis Addai Company has provided the following comparative information: 20Y8 20Y7 20Y6 20Y5 20Y4 Net income $273,406 $367,976 $631,176 $884,000 $800,000 Interest expense 616,047 572,003 528,165 495,000 440,000 Income tax expense 31,749 53,560 106,720 160,000 200,000 Total assets (ending balance) 4,417,178 4,124,350 3,732,443 3,338,500 2,750,000 Total stockholders’ equity (ending balance) 3,706,557 3,433,152 3,065,176 2,434,000 1,550,000 Average total assets 4,270,764 3,928,396 3,535,472 3,044,250 2,475,000 Average total stockholders' equity 3,569,855 3,249,164 2,749,588 1,992,000 1,150,000 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: 20Y4–20Y8 Return on total assets 28%…