Accounts Debit Credit (OMR) (OMR) Cash 120,000 Capital 100,000 Prepaid insurance 5600 Salary expense 1000 Service Revenue 21000 Commission revenue 41000 Machinery 12400 Automobiles 16400

Q: Define Total comprehensive income

A: Comprehensive income includes both net income and unrealized income or losses on financial…

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: Explain the term income statement.

A: The income statement (IS) is one of three financial statements (FS) which records the financial…

Q: Net Income is transferred to the​ ____

A: Financial statements includesIncome statementBalance sheet Cash flow statementFinancial statements…

Q: How to complete income statements?

A: The income statement summarises a company's sales, costs, and profits or losses. This is one of…

Q: what is a condensed income statement

A: Definition: Financial statements: Financial statements are condensed summary of transactions…

Q: What does the income statement report?

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

Q: What does the income statement measures?

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

Q: What is the income statemen, owners equity, balance she

A: Income Statement is an account prepared to record all the expenses and revenues of a particular…

Q: What is the income statement formula?

A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. it tells…

Q: how to calculate and interpret basic financial statement ratios?

A: The question is based on the concept of Financial Accounting. Financial ratios are a mathematical…

Q: Pinkton Corporation keeps careful track of the time required to fill orders. The times recorded for…

A: Delivery cycle time: It implies to the time gap that exists between the receipt of an order from the…

Q: what are contrast economic concepts of income from reported income?

A: As per the income statement, the reported income refers to the income left after subtracting the…

Q: What does the gross profit percentage measure, and how is it calculated?

A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…

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: When the interest payment dates of a bond are May 1 and November 1, and a bond is purchased on June…

A: Interest is the term which is defined as the monetary charge for borrowing the money usually…

Q: income statement show

A: Income statement is a part of financial statements.

Q: Explain the presentation of income statement.

A: Income Statement Income Statement is one of the key financial statements of a company It is used…

Q: Explain how to report other comprehensive income.

A:

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: Define Accrued income taxes.

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

Q: I nee the statement COGM, COGS and income statement

A: Income statement (IS) refers to the statement which states the income as well as loss which is…

Q: what items are included in an income summary repor?

A: An income summary account is prepared at the end of accounting period to which all the incomes and…

Q: Definition of income measurement?

A: The income statement is one of the financial statement of the business.

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: Define the term financial ratio.

A: Financial ratio: The financial ratio is used to determine the performance of the business by…

Q: Define Income before taxes.

A:

Q: Why is the income statement called a dynamic financial statement?

A: Income statement is that financial statement that shows the different income as well as expenditures…

Q: Explain how to report various income items.

A: Introduction Income/Revenue is the money received from business/profession/service. There are many…

Q: Assume that Rolando Corporation is considering the renovation and/or replacement of some of its…

A: Particulars Amount Cost of new equipment $600,000 Less: Proceeds from sale of old…