Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a)

Q: How do you make a horizontal analysis on an income statement and balance sheet?

A: Horizontal analysis of financial statements: In horizontal analysis of financial statement, the…

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 is the income statemen, owners equity, balance she

A: Income Statement is an account prepared to record all the expenses and revenues of a particular…

Q: How do I determine net income

A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…

Q: What is pass-through income

A: Pass-through income is  the profits earned by a business that are distributed to owners and…

Q: hohw do you make an income statement

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

Q: How did they get the income summary?

A: Lets understand the basics. Income summary is summary which reflects the all the revenue and expense…

Q: How to make a personal financial statement?

A: Personal Dinancial statement is a summary statement of individual financial position, it contains…

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 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: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: How do you determine net income applying the accrual accounting model?

A: Accrual Accounting Model:This method is a widely used basis of accounting that suggests the timing…

Q: Define Income before taxes.

A:

Q: What is referred by unearned income? How is it adjusted in the final accounts?

A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…

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 do I know what should or shouldn't be on an income statement from a list?

A: Income statement or statement of profit or loss is prepared to determine the net profit or loss…

Q: what is the net income? or how do I find it?

A: Net income is the difference between the revenue and expenses for the period. Dividends is not an…

Q: How does income statements disclosures are made?

A: Income Statement:   It is financial statement of an organization at the end of the period to report…

Q: Calculate Brisky's Net Income.

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

Q: What is the difference between income and savings contribution categories on the income statement.?

A: As the global community becomes increasingly interconnected and informed, the impact of business…