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: 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: Define Gross Profit Method.

A: Definition:   Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: what is the equation for Differential Income?

A: Let's dive deeper into the concept of Differential Income. What is Differential Income?Differential…

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 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: Briefly explain the concepts ‘Profit and loss, Other Comprehensive Income and Total Comprehensive…

A: Profit and loss: The profit and loss is a statement which is being prepared by the entities to know…

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: 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: How does accounting rate of return (ARR) differ from the internal rate ofreturn (IRR)?

A: Introduction: Capital budgeting is an investment criterion or decision making mechanism for…

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: Preparing Entries for Small Stock Dividends Landry Inc. has 20,000 shares of common stock, $1 par…

A: A stock dividend is a corporate action in which a company distributes additional shares of its own…

Q: How do you solve the gross margin and Net income?

A: The income statement is one of the major financial statements prepared to outline and document the…

Q: Explain the relationship between the Statement of Comprehensive Income and the Statement of Profit…

A: The results or the performance of the business for a particular period of time is shown in the…