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: How many sections income statement is divided??

A: An income statement charts a company's revenue, costs, and profitability through time. It is also…

Q: What formula is used to determine net profit

A: Net profit is the actual income earned by an organization after paying all the expenses. It is…

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: What are the two ways that other comprehensive income may be displayed (reported)?

A: Income:   It refers to the earnings of the organization from their business activity for a period of…

Q: Define Gross Profit Method.

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

Q: A paper published in the Harvard Business Review points out a new way to calculate economic profit…

A: Economic Profit:It is the profit after deducting opportunity cost from operating profit. Operating…

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: What information do we get from the income statement?

A: Income statement is a financial statement which is prepared on periodical basis along with Balance…

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: what is the difference in preparation of mutistep incomestatement and single step income statement?

A: Multi step income statement refers to the report that showcases the company's revenues, expenses,…

Q: How to calculate or compute the operating income and the net income

A: Operating Income: Income generated from the business operation is called operating income. In simple…

Q: What is net income? Give three examples?

A: Net income is the calculation of the remaining amount with an organization after deducting taxes,…

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: 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: 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: 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: 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: 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…

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…

Q: Distinguish between operating income and net income?

A: The main purpose of carrying on business operation is earning profits or income. It is the incentive…

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: What is the formula for gross profit

A: Gross profit is an excess of revenue over the cost of goods sold.it can be calculated by deducting…

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…