and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of $23,884 cash. Here are the assets, liabilities, operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock $4,784 4,160 6,900 2,496 416 27,040 23,884 Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense $12,480 520 1,040 624 312 1,456

Q: Define Expenses

A: Expenses are the cost that is incurred by the firm or the company to run the business. Basically,…

Q: What does comprehensive income provides?

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: Explain the term income statement.

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

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: What does the income statement measures?

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

Q: What is the income statement formula?

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

Q: Explain the difference between net income and comprehensive income and howwe report components of…

A: Financial statement: Financial statement is a record of all the financial activities of the…

Q: hohw do you make an income statement

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

Q: Describe the format used to report the components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

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

A:

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: 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 compute the amount of net income or net loss

A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…

Q: Define Income before taxes.

A:

Q: Discuss the different types of income

A: Income can be described as the money or value received for the sale of goods or provision of…

Q: Explain how to report various income items.

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

Q: Describe comprehensive income and its components.

A: Definition:   Comprehensive income: Comprehensive income represents the amount of net income plus…

Q: What is a functional expense statement?

A: The answer is explained as follows:

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…

Q: Define Comprehensive income.

A: Income: This is the amount earned from operations of a business. The operating activities are sale…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is