Accounts Debit Credit (OMR) (OMR) Cash 120,000 Capital n00,000 Prepaid insurance 5600 Salary expense 1000 Service Revenue 21000 Commission revenue 41000 Machinery 12400 Automobiles 16400 Wages expense 1200 Uslities expense 1500 Miscellaneous expense 500 Rent expense 600 Retained earnings 11200 Advertising expense 4000 Dividend 10000 Note payable no00 Short term loan 10800 nterest Payable 400 Accounts receivable 21200 Furniture 3000 Long term Loan 3000 197400 197400

Q: Explain the term income statement.

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

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: hat about an income statement and a CVP Income statement?

A: An income statement is a form of computation of net income after deducting expenses from revenue.…

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 personal statement of financial position?

A: Answer: A personal statement of financial position is nothing but a document that entails the…

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 do I determine net income

A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…

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: hohw do you make an income statement

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

Q: What is net income, comprehensive income, and retained earnings balance?

A: According to the question given, we need to compute the net income, comprehensive income, and,…

Q: How did they get the income summary?

A: Lets understand the basics. Income summary is summary which reflects the all the revenue and expense…

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: 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: 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: 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: What do I use in an Income Statement?

A: An Income statement is a part of the financial statements which shows the profits or losses earned…

Q: How do you turn an income statement int a forecasted return? And how is it helpful?

A: Return means earn additional on invested amount. Return is a positive factor in every investment.…

Q: What do you understand the vertical and horizontal income statement account and balance sheet…

A: The financial statement contains both income statement and balance that are very useful for users'…

Q: where's the total net income under scenario b?

A: Gross Profit = Sales - Manufacturing Expenses Net Income = Gross Profit - Non Manufacturing…

Q: Define current operation income?

A: Current operation income otherwise called as operating income.Operating Income: Operating income is…

Q: Define net income and explain its computation.

A: Net income is the amount of income which is left over revenue after all the expenses have been…

Q: Can i have a sample of comprehensive income statement?

A: Under the IFRS, the company should prepare a comprehensive income statement. This statement includes…

Q: How was net income in question 4 determined?

A: A consolidated net income is an income which is required to be determined when there has been a…

Q: Define Income before taxes.

A:

Q: Explain Capital Accounts?

A: Capital :                 Generally refers to the amount invested in an enterprise by its owners eg…

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: what is the net income? or how do I find it?

A: Net income is the difference between the revenue and expenses for the period. Dividends is not an…

Q: What is income bond?

A: A financial instrument with a fixed cost that helps a company to raise funds for business operations…

Q: What is the difference between income and savings contribution categories on the income statement.?

A: As the global community becomes increasingly interconnected and informed, the impact of business…