3. Pagadian, Inc. reported the following during the year: P400,000 proceeds of life insurance of an officer where Pagadian is ti beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accru interest P300,000 increase in value of investment in stocks

Q: Statement of comprehensive income can be presented as

A: Statement of Comprehensive Income can be defined as the statement that contains the summary of the…

Q: Briefly explain the difference between gross profit, net profit and EBIT.

A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…

Q: What are the two ways that other comprehensive income may be displayed (reported)?

A: Income:   It refers to the earnings of the organization from their business activity for a period of…

Q: If you're using the accrual accounting methodology, how do you figure out your net income?

A: Model of Accrual Accounting: This is a frequently used accounting principle that indicates the order…

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: How revenues and expenses are are recognized under the accrual accounting?

A:

Q: What are the typical elements that are itemized in the income statement?

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Q: When are revenues and costs recorded in accrual accounting

A: The Answer

Q: What is Income?   What is Total Income?   What is Net Income?   What is taxable income?

A: Income, in financial terms, refers to the money that an individual or business receives in exchange…

Q: Explain the what is statement of comprehensive income. Discuss the accounts contained in statement…

A: Comprehensive income includes unrealized profits or losses on hedge/derivative financial…

Q: What is accrual accounting?

A: Accrual basis of accounting is an accounting method based on which accrual transaction are recorded…

Q: What does the accrual-accounting model measures?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: Give the formula to determine taxable wages

A: Any money earned by an individual is subject to government taxation. Hourly pay, overtime pay, a…

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: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

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: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: Should options given as part of compensationpackages be reported on the income statement asan…

A: Stock options are recognized as a compensation expense in the financial statements of a company.…

Q: Distinguish between cash-basis net income and accrual-basis net income.

A:

Q: Explain how to report other comprehensive income.

A:

Q: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Where does the accrual accounting focuses?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…

Q: How to calculate or compute the operating income and the net income

A: Operating Income: Income generated from the business operation is called operating income. In simple…

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: How do defreinciate between a accured income and prepaid income

A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…

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: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: Net net profit is computed in the

A: Net profit in computed in the Income statement or profit and loss statement .  The format of the…

Q: describe, calculate, and interpret comprehensive income;

A: The income statement is considered an important financial statement as it helps in order to get the…