Q1. Prepare Income statement in order to get gross profit and net profit/loss.Note: Use only your own words (NO COPY AND PASTE). SalesExpenses OtherОpeninginventoryEndPurchaseIncomeinventors goodsy20,00018000500450015003000

This question required making an income statement. Where starting with sales than the deduction of…

Answered: Sales Opening inventory Expenses Other…

Business

Accounting

Sales Opening inventory Expenses Other End Purchase Income inventor s goods y 1500 20,000 | 18000 500 4500 3000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Part I: Define the following terms (35-40 words) Q1. USPAP Q2. Transaction Price

A: The question asks for definitions of two terms: USPAP and transaction price. USPAP is a set of…

Q: XYZ Company Account Titles Accounts Receivable Accumulated depreciation - Buildings Accumulated…

A: Answer:- 1. Net assets = Total assets - Total liabilities 2. Total liabilities = Total non-current…

Q: Preparing profit and Loss account and balance sheet is the objectives of a. Cost Accounting b. All…

A: The main aim of financial accounting is to show the financial performance of the company from doing…

Q: Please give me an example of an estimated income statement, a scenario, the instruction, and the…

A: Income Statement is a financial statement which computes the net profits/Losses earned/incurred by…

Q: a. In accounting there is the multi-step income statement and the simple income statement. Which…

A: Income Statement - It is a statement which calculates the net income of the firm by showing and…

Q: According to ASC 606, how should the $25 Referral Credit be recorded in Runway’s Income Statement,…

A: ASC 606: it is the revenue recognition standard for all types of business that enters into the…

Q: Discuss the relationship between profit and ethics.

A: Ethics: It is a set of moral principle followed by an individual or a company. It is not same for…

Q: Q1.Choose any 3 Terms in both Income statement and Balance sheet and explain with an example each.

A: Income statement: Income statement is used to calculate net profi or loss earned by a company…

Q: Identify which financial statement each item belongs. 3 attempts. Type "BS" for Balance Sheet and…

A: The balance sheet and income statement are the important financial statements of the business. The…

Q: BLUE SPRUCE CORP. Income Statement For the Year Ended December 31, 2017

A: The comprehensive income statement is the statement in which all the details of the income are…

Q: The following information is available for Aikman Company. Raw materials inventory Work in process…

A: The gross profit is computed by deducting the cost of goods sold from the sales revenue. The cost of…

Q: 1. Explain with examples the purpose, usefulness, and limitations of the Income Statement and the…

A: Income Statement:The income statement, also known as the profit and loss statement or statement of…

Q: 11. In the preparation of the worksheet, if the total credits are greater than total debits under…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Question 1 All of the documents are involved in the purchase-to-pay (expenditure) process, except:…

A: Picking ticket is the list of details regarding the items that are to be shipped from the warehouse…

Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:…

A: Todrick CompanyTraditional Income StatementSales 390000Cost of Goods Sold 273000Gross Margin (=…

Q: True or False: The amount-owed component of the FICO score includes the proportion of credit…

A: Below is the correct answer

Q: Required: 1. Compute cost of goods sold for each of the two items separately using the FIFO and LIFO…

A: Cost of Sold Under FIFO A Rate COST B Rate COST Total items sold on 28 April 420 420…

Q: 1. 2. 3. 4. 5. 6. 7. 8. 9. Sheridan's articles of incorporation authorize the issuance of 2.5…

A: The journal records the transactions as and when they are incurred. The dividend has the normal…

Q: Which of the following entries properly closes a temporary account? Select one: Ⓡ a. Income Summary…

A: Closing entries are the journal entries that are passed at the end of the accounting period to…

Q: PREPARE A MULTI STEP INCOME STATEMENT

A: Multi Step Income statement is one of the financial statement being prepared in business. It shows…

Q: [Based on Appendix A] What is the purpose of a worksheet? In a columnar worksheet similar to…

A: A worksheet is the summarized form of accounting information which is made in order to ensure that…

Q: Multiple choice 2. Net income appears on the worksheet: A. Only in the balance sheet credit column…

A: Introduction: The amount of revenue that exceeds costs is referred to as net income. It is the…

Q: Which of the following is not a component of other comprehensive income under GAAP? earnings gains…

A: Other comprehensive income means those items of revenues and expenses that are not part of Profit…

Q: 1. 2. 3. Tamarisk Corp. issued $18,000,000 par value 10% convertible bonds at 99. If the bonds had…

A: Answer:- Journal entry meaning:- An entry in the journal serves as a record of a transaction in the…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Net income percentage, also known as net profit margin, is calculated by dividing net income by net…

Q: The first audit of the books of Skysong Company was made for the year ended December 31, 2021. In…

A: Journal entry consists of all the business financial transactions.They are recorded in…

Q: Multiple choice: 1. Which if the following us correct concerning a T account? A. The left side is…

A: The T-accounts are prepared with posting of journal entries to specific accounts.

Q: Required information Use the following information for the Exercises below. (Algo) [The following…

A: Balance Sheet is a financial statement that includes Assets, Liabilities and Stockholder's…

Q: EBIT is Select one: O a. equity before tax and interest O b. gross profit O c. net profit O d. EBT…

A: EBIT means earnings before interest and taxes. This is an important element of income statement of…

Q: The selected accounts from the Ayayai Corp's accounting records are presented below for the year…

A: The income statement is one of the important financial statements of the business. It records the…

Q: Sales of pipes.

A: As per standard accounting practices , a revenue is recognised as and when it…

Q: The following information was collected for the first year of manufacturing for Appliance Apps:…

A: The income statement using variable costing is prepared such as variable costs are included in the…

Q: and 10. Matching principle is important because proper matching of_ gives a more accurate report. A.…

A: The accounting is based on various accounting principles as Materiality, historical cost concept,…

Q: On

Q: 2 The following are accounting principles except OA Prudence principle OB. Accrual principle OC.…

A: Accounting is a process to recognize and record the transactions and prepare the financial…

Q: The entry to close Management Fee Revenue would be which of the following? Question content area…

A: Correct Answer:Management Fee Revenue | Retained EarningsExplanation:Management Fee Revenue is a…

Q: 2) ______________ is a document issued by the seller to the buyer. a. Invoice b. None c. Pay slip…

A: The right answer is option a. Invoice is a document written by the seller in the name of buyer…

Q: B. Create the income statement. Use minus sign to indicate the loss. C. Create the statement of…

A: Financial statements are those statements which are prepared at the end of accounting period in…

Q: Please correct answer and don't use hend raiting

A: The balance sheet provides a snapshot of a company's financial position at a specific point in time,…

Q: 30 On which financial statement would the merchandise inventory account appear? a. Neither balance…

A: Inventory at the end of financial year should means the inventory , the ownership of which belongs…

Q: To increase Supplies Expense a debit entry is needed. Select one: True O False

A: Lets understand the basics.Supplies expense is required to record at year end using adjusting…

Q: Interest paid and payable comes to the...............side of the profit and loss account.…

A: Eliminating the incorrect options:Option B. ReceiptReason: Interest paid represents money going out…

Q: income statement.

A: Income statement:

Q: Multiple choice 1. Net loss appears on the worksheet. A. In the income statement credit column and…

A: Introduction: The amount of revenue that exceeds costs is referred to as net income. It is the…

Question

Q1. Prepare Income statement in order to get gross profit and net profit/loss. Note: Use only your own words (NO COPY AND PASTE).

Sales
Expenses Other
Оpening
inventory
End
Purchase
Income
inventor
s goods
y
20,000
18000
500
4500
1500
3000

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Explanation -

VIEW

Income Statement -

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

‏Find out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choice
32.In a work sheet, net income is entered in the following columns: a. Income Statement (Dr) and Balance Sheet (Dr) b. Income Statement (Dr) and Balance Sheet (Cr). c. Income Statement (Cr) and Balance Sheet (Cr). d. Income Statement (Cr) and Balance Sheet (Dr).
Please do not give solution in image format thanku
‘For every debit, there is an equal and corresponding credit’. The relevant accounting principle for the statement is a. Revenue realization b. Full disclosure c. Historical cost d. Dual aspect Clear my choice
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Hh2.
A ____ will cause Deferred Revenue to decrease. A. Debit B. Credit
Don't write if you don't know and don't use ai otherwise I will give you multiple downvotes What are the main sections on a balance sheet? Assets, liabilities, income Assets, liabilities, equity Assets, liabilities, expenses Assets, gains, revenue
Q4 Define and discuss the economic order quantity (EOQ) technique, including assumption and accounting data used therein
Please provide the following formulas: 1. The Fundamental Accounting Equation 2. The Formula for Computing Net Income 3. The Formula for the Balance Sheet Part 3 Please give one or two examples of accounts in the following categories: Assets Liabilities Owner's Equity (provide only one example for this account) Revenue Expenses Please make sure that your initial post contains a properly cited reference. Please use APA style. You should cite your text as a minimum.
A ____ decreases the left side of the fundamental accounting equation. A. Credit b. Debit
Do not give answer in image