3. If a company has more than one revenue source, how would it reports revenue and cost of goods sold? * A) Each revenue source should be reported separately, but all cost of goods sold should be added together and reported as a single amount. B) The revenues and cost of goods sold should be netted together and reported as a single line item. C) All revenue sources should be added together and shown as one line item and all cost of goods sold should be added together and shown as one line item. D) Each revenue line should be shown separately with a corresponding cost of goods sold line for each revenue source. E) None of the above.

3. If a company has more than one revenue source, how would it reports revenue and cost of goods sold? * A) Each revenue source should be reported separately, but all cost of goods sold should be added together and reported as a single amount. B) The revenues and cost of goods sold should be netted together and reported as a single line item. C) All revenue sources should be added together and shown as one line item and all cost of goods sold should be added together and shown as one line item. D) Each revenue line should be shown separately with a corresponding cost of goods sold line for each revenue source. E) None of the above.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4MC: Which of the following represents the components of the income statement for a service business...

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Similar questions

Which of the following calculations of net income is correct? Select one: Cash receipts minus cash payments Assets minus liabilities Revenues minus cost of goods sold Revenues and gains minus expenses and losses
Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
Net income equals: Select one: a. Assets minus liabilities. b. Cash receipts minus cash payments. c. Revenues minus expenses. d. Revenues minus cost of goods sold.
Which of the following statements are true?A) Common-size balance sheet shows relative value of the various items.B) In the common size income statement, each product is represented as a percentage of the net sales figure.C) Common size income statements represent the various elements as a percentage of the gross profit. Select one: a. A, B, C b. Both A and C c. Both A and B d. Both B and C
A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
Which of the following represents the components of the income statement for a service business Sales Revenue - Cost of Goods Sold = gross profit Service Revenue - Operating Expenses = operating income Sales Revenue - Cost of Goods Manufactured = gross profit Service Revenue - Cost of Goods Purchased = gross profit
Which of the following accounts is a temporary account? Multiple Choice Accounts receivable. Interest payable. Accounts payable. Cash Salaries expense. Profit margin is defined as: Multiple Choice Net sales divided by net income. Revenues divided by net sales. Net income divided by assets, Net sales divided by assets. Net income divided by net sales.
Explain clearly
The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT P764,985 8,200 5,465 |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 459,990 9,180 13,300 5,455 25,000 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5.465 ??? • Based on actual physical count, inventory balance are as follows: | January 1, 20X2 P25,455 December 31, 20X2 P20,765 • Bad debts expense is 4% of net sales. Classify the bad debt expense as general and administrative expense.
Which of the following has a different effect on net profit than it does on cashflow? A.Cash sale to customer B.Payment for wages C.Payment for rent D.Depreciation of equipment
Just answer F and G
The main purpose of the statement of profit or loss is to determine the amount of income and expenses the net profit or net loss the cost of sales the amount of accrued income and expenses O O O O