Use the Income Statement worksheet below to answer: Which of the following items on the Income Statement connects to the same year’s Balance Sheet? Question 3 options: Liability Insurance Net Income EBT Gross Profit EBTDA 13453678910121314151617181920212223252627282930A BSalesCOGSAccommodationsFoodсTotal COGSGross ProfitFixed ExpensesLiability InsuranceVehicle InsuranceBusiness LicenseVehicle LicenseTelephoneBankingCorporate ReturnTransportationT-ShirtsCredit Card Transactions $Tax SoftwareCredit Card Flat FeeTotal Fixed CostsEBTIDACCA ExpenseInterestEBTTaxNet Income$$LA LA LA LA LA LA LA$$$$$$LA LA LA LA LA LA LA LA LA LA$$$$$$$$$$LA LA LA LA LA LA$$$$$D44,00018,2166,3813,1201,6431,10230,46213,5383,50088012085700480702402256,3007,2386,5001,220(482)(482)

Income statement is the financial statement which shows the profitability of the entity and balance…

Answered: Use the Income Statement worksheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the Income Statement worksheet below to answer:
Which of the following items on the Income Statement connects to the same year’s Balance Sheet?

Question 3 options:

	Liability Insurance
	Net Income
	EBT
	Gross Profit
	EBTDA

1345
3
6
7
8
9
10
12
13
14
15
16
17
18
19
20
21
22
23
25
26
27
28
29
30
A B
Sales
COGS
Accommodations
Food
с
Total COGS
Gross Profit
Fixed Expenses
Liability Insurance
Vehicle Insurance
Business License
Vehicle License
Telephone
Banking
Corporate Return
Transportation
T-Shirts
Credit Card Transactions $
Tax Software
Credit Card Flat Fee
Total Fixed Costs
EBTIDA
CCA Expense
Interest
EBT
Tax
Net Income
$
$
LA LA LA LA LA LA LA
$
$
$
$
$
$
LA LA LA LA LA LA LA LA LA LA
$
$
$
$
$
$
$
$
$
$
LA LA LA LA LA LA
$
$
$
$
$
D
44,000
18,216
6,381
3,120
1,643
1,102
30,462
13,538
3,500
880
120
85
700
480
70
240
225
6,300
7,238
6,500
1,220
(482)
(482)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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