b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) (Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount.)

Q: Income Statement 1) Why are items such as sales and labour/Gross Profit on the CR side and items…

A: 1.Revenues are recorded in the credit side of the income statement. Thus, sales and labour/gross…

Q: On the Income Statement, how is Operating Income typically calculated? A. Revenue (Cost of Goods…

A: The income statement, also known as the profit and loss statement, is one of the main financial…

Q: Gross profit is equal to Select one: a.  revenues - expenses b. sales - cost of goods sold c.…

A: The income statement is prepared to find the net income or losses incurred during the period.

Q: Question 49: Profit margin is calculated as net income divided by revenue. Answer: A. True B.…

A: Profit is the earning that a company earns by selling its products.

Q: The difference between revenues and expenses is net income. What is net income?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What is the income statement formula?

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

Q: Academic Dishonesty Investigations Ltd. operates a plaglarism detection service for unlversitles and…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Return on Assets, or ROA, can be expressed as the product of two ratios.  Which two?

A: Return on Assets: It refers to the ratio that measures the profitability of the company with respect…

Q: Which of the following equations expresses the definition of “income”?   Choices; Income = Revenues…

A: Revenues - It is the amount of money received through sale of goods and services . Gains - It is the…

Q: Which of the following would not be found on a single-step income statement? Revenues. Gross…

A: The single-step format uses only one subtraction to arrive at net income. Here expenses are deducted…

Q: Net Income is calculated as follows: NI = NII – Burden - PL + SG-T Where, bank burden (non-interest…

A: Formula: NI = NII - Burden - PL - + SG - T NI stands for Net Income.

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: Which of the following is an element of a statement of comprehensive income? a. Notes Payable b.…

A: (3) The statement of comprehensive income represents the financial statement that shows the net…

Q: By what amount will income (before taxes) be adjusted up or down as a result of the corrections?…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The primary focus of horizontal analysis isa. the income statement only.b. the balance sheet only.c.…

A: Financial statements can be analysed by using two methods. 1) Vertical method. 2) Horizontal method.…

Q: why adjusting of the income statement, and give three examples of items that are recasted?

A: The company prepares the Income statement to know the net income or losses that arise during the…

Q: How did you come up the number for Income before income tax, why did you subtract the quipment cost.

A: Income before tax=Tax expenseTax rate-Depreciation expense

Q: The times interest earned ratio is computed as Oa. Income Before Income Tax + Interest Expense Ob.…

A: Times interest earned ratio depicts the ability of an entity to service its interest expense. It…

Q: When a balance sheet amount is related to an income statement amount in comparing a ratio  a. The…

A: Solution: When a balance sheet amount is related to an income statement amount in comparing a ratio…

Q: Below are three ratios introduced in your text. Describe the purpose for each of them, and also…

A: The ratios are majorly classified into 3 forms Ratios from Profit & loss statement, Ratios from…

Q: Question: What is the formula for calculating the net profit margin? a. Net Profit / Revenue b.…

A: The income statement is prepared to record the revenue and expense of the current period. The income…

Q: 42. A common-size Statement of Comprehensive Income presents accounts expressed as a percentage of…

A: Comparative balance sheet means where increase or decrease of every item is calculated and…

Q: When performing vertical analysis of an income statement, the base amount is ________. A sales…

A: Vertical analysis of income statement shows each item of income statement as a percentage of sales…

Q: The tax rate paid on your last dollar of income is called the average tax rate. a. true b. false

A: Average tax rate is calculated as the total tax liability divided by taxable income, whereas…

Q: Express the following comparative income statements in common-size percents. Using the common-size…

A: Introduction:- As per vertical statement analysis, Income statement shows each item percentage in…

Q: Which cost flow assumption must be used for financial reporting if it is also used for tax…

A: Financial reporting: Financial reporting is a typical accounting procedure in which financial…

Q: Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting…

A: Income measurement is the measurement of how much money a business earns in the accounting period.…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.