on ACT - Sole Proprietorship - Google Chrome pearsoncmg.com/activity/6/4/1 SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 49,700 49,700 7.300 7,300 59,100 59,100 15,900 20,600 43,200 38,500 Net Income Total SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 52,900 52,900 7,000 7,000 49,900 49,900 36,500 32,500 13,400 17,400 2/ 2/2 212 2/2 1/2 1/20 Total 30-977-8823 10000167

Q: What is the Total·assets·turnover ratio?

A: Ratio Analysis: The process of analyzing financial ratios and comparing its degree of performance…

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: I thought for an Income Statement you only need serivce revenue, subract expenses and then you get a…

A: Income statement - It is a type of financial statement which displays the Revenue and Expenses…

Q: What does the income statement report?

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

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: The ratio that tells you how much income is used up by expenses is the Return on Assets ratio. True…

A: A financial ratio called return on assets (ROA) describes how lucrative a business is in comparison…

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: 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: What would the adjusted income statement be?

A: Adjusted income statement is the income statement which is prepared after the adjusted trial balance…

Q: How can we determine the net income from operations and then adjust the net income?

A:

Q: What are the different sources of financial ratio information?

A: Financial ratios show the financial condition of the company. Following are types of financial…

Q: Convert from cash-basis net income to accrual-basis net income

A: Cash basis : Under cash basis of accounting, revenues and expenses are recorded only when cash is…

Q: Define the following and their differences : 1. statement of comprehensive income 2. statement of…

A: Statement of comprehensive income and statement of financial position are components of financial…

Q: Return on assets

A: Return on assets is computed as net income upon total assets of the company.

Q: What is meant by net income and net loss?

A: When the company has more amount of revenue it would have positive income whereas when company has…

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: What is the formula for the percentages under expenses?

A: The percentage of sales is calculated by dividing the concern value by the sales and multiplying it…

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: The amount reported for comprehensive income   Select one: is the same as net income. is…

A: The objective of the question is to understand the relationship between comprehensive income and net…

Q: Calculate Brisky's Net Income.

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

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…