Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses. To Prepare: Income Statement of year1 and year 2.

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Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

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Question: How much is her EBITDA at the end of the first month? We are at the end of the first month of her operations. She sold one half of her CDs sbought at the beginning to satisfy her customers. Individual customers paid in cash, but she also sold some CDs to disco clubs and these customers received invoices, which are due in two months. The table below summarizes her revenues in the first month: individual customers USD 90 000 disco club 1 USD 40 000 disco club 2 USD 50 000 At the end of the month Mrs. Hiphop paid in cash a rent (USD 25 000), bank loan interest (USD 1000) and her salary (USD 30 000) - everything paid and used during the first month. She has also received an invoice for utilities used during the first month (USD 2 000), which will be paid in 30 days. Equipment is depreciated using straight line method for 20 months starting from the first month (now). During the first month she…

Question: How much is her EBIT at the end of the first month? We are at the end of the first month of her operations. She sold one half of her CDs sbought at the beginning to satisfy her customers. Individual customers paid in cash, but she also sold some CDs to disco clubs and these customers received invoices, which are due in two months. The table below summarizes her revenues in the first month: individual customers USD 90 000 disco club 1 USD 40 000 disco club 2 USD 50 000 At the end of the month Mrs. Hiphop paid in cash a rent (USD 25 000), bank loan interest (USD 1000) and her salary (USD 30 000) - everything paid and used during the first month. She has also received an invoice for utilities used during the first month (USD 2 000), which will be paid in 30 days. Equipment is depreciated using straight line method for 20 months starting from the first month (now). During the first month she…

Question: Prepare her income statement for the first monthWe are at the end of the first month of her operations. She sold one half of her CDs sbought at the beginning to satisfy her customers. Individual customers paid in cash, but she also sold some CDs to disco clubs and these customers received invoices, which are due in two months. The table below summarizes her revenues in the first month: individual customers USD 90 000 disco club 1 USD 40 000 disco club 2 USD 50 000 At the end of the month Mrs. Hiphop paid in cash a rent (USD 25 000), bank loan interest (USD 1000) and her salary (USD 30 000) - everything paid and used during the first month. She has also received an invoice for utilities used during the first month (USD 2 000), which will be paid in 30 days. Equipment is depreciated using straight line method for 20 months starting from the first month (now). During the first month she bought and…

Answer 2

Question

Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Answer 6

Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Answer 7

Chapter 4, Problem 4.8AAMCP

To determine

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Revenue Recognition The highway department...Ch. 4 - Prob. 4.2.1E Ch. 4 - Prob. 4.2.2E Ch. 4 - Prob. 4.2.3E Ch. 4 - Prob. 4.3E Ch. 4 - Prob. 4.4E Ch. 4 - Prob. 4.5E Ch. 4 - Prob. 4.6.1E Ch. 4 - Prob. 4.6.2E Ch. 4 - Prob. 4.6.3E

Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses. To Prepare: Income Statement of year1 and year 2.

Solution Summary: The author explains the Income Statement, which records all the incomes and expenses of the company, and calculates profit or loss by matching them.

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Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.

Want to see the full answer?

Chapter 4 Solutions

Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses. To Prepare: Income Statement of year1 and year 2.

Solution Summary: The author explains the Income Statement, which records all the incomes and expenses of the company, and calculates profit or loss by matching them.

Concept explainers

Videos

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses. To Prepare: Income Statement of year1 and year 2.

Want to see the full answer?

Chapter 4 Solutions

Concept Introduction:Income Statement is a statement which records all the incomes of the company and also recorded all the expenses of the company. In income statement, company calculates profit or loss by matching the income and expenses.

To Prepare: Income Statement of year1 and year 2.