Which of the following are increased by credits?:   a) revenues and gains b) expenses and losses c) assets d) dividends

Q: Which of the following is included in computing the total gross income?  Incidental revenue Net…

A: Gross Income - It the amount of total income which includes from the other sources include operating…

Q: tatements:

A: The income statement determines the net income of the business by subtracting the total expenses…

Q: Which of the following is an expense? a. Purchases b. Dividend received c. Sales d.

A: Expenses are to be paid by company So expenses are money to be paid.

Q: it of What is considered a summary of profit or loss? Select one: a. Retained earnings b.…

A: The correct answer to the question is "C. Income Statement"Income statement is considered as summary…

Q: Which of the following refers to the elements of Comprehensive Income?  a) Net Income, Interest…

A: Net income is the excess of sales over all the expenses including interest expense and income taxes.

Q: Annual Report 2015 INCOME STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 Group Company…

A: income statement is the financial statement of profit and loss during a particular period.

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The numerator of the return on total assets is a. net income b. net income plus tax expense c.…

A: Return on Total Assets = Net Income + Interest Expenses (1-Tax Rate) / Average Total Assets

Q: Which are the total interest expense in the income statement?

A: Interest expenses mean costs related to financing. It is also called finance costs. From the above…

Q: What is the net income from the following incor

A: Net Sales = Sales - Sales return = 12800 - 360 = 12440

Q: Convert from cash-basis net income to accrual-basis net income

A: Cash basis : Under cash basis of accounting, revenues and expenses are recorded only when cash is…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: What differentiates things reported on the income statement from those reported on the balance sheet…

A: The Answer

Q: Which of the following is the major independent variable in constructing pro forma income statements…

A: Proforma income statements is a projected statements which says about budgeted income and expenses…

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: how is profit or loss calculated on an income statement?

A: Profit and loss is calculated as below-

Q: Which concept is applied to net income and other comprehensive income? A. Borrowed Capital B.…

A:

Q: Define the following. a. Retained earnings? b. Goodwill? c. Investing activities?

A: a. Retained earnings: The amount of earnings undistributed as dividends to the stockholders is…

Q: The following are balance sheet data of Anwar Ali Company Ltd. Debit Balances Cash Account…

A: A cash flow statement is a financial statement that provides a detailed breakdown of the cash…

Q: In which of the following types of accounts are increases recorded by credits?   Question 8 options:…

A:

Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…

A: All revenues, gains, and investments by owners increases the net assets of the business.

Q: Required: Net income?

A: The Income Statement and Statement of Financial position is given for the year ended 31st December…

Q: How is net income calculated? Define revenues and expenses?

A: Formula to calculate net income :Net income = Sales revenue + Interest revenue - (Total expenses +…

Q: What is the major distinction (a) between revenues and gains and (b) between expenses and losses?

A: The major distinction between revenues and gains (or expenses and losses) depends on the typical…

Q: What does it mean when you have a debit balance of accrued interest income? Does a Debit balance…

A: The accrued expenses are the expenses incurred but not paid yet and hence are recorded as liability.…

Q: why dividend receipt revenue is consideres as operating activity?

A: Approach to solving the question: Analyze the question. Detailed explanation:Dividend receipt…

Q: A corporation had the following assets and liabilities at the beginning and end of this year.…

A: First Step is to find Beginning as well as Ending Equity balance A Beginning Assets $76,000…

Q: Explain the nature of net income, revenue, andexpenses.

A: Revenues means all operating and non operating revenues of the business for a particular period of…

Q: Where is net profit shown in balance sheet?

A: The profit of a corporation is referred to as net profits.

Q: 3. The following records were taken from the books of the Company and its branch on December 31,…

A: Home office branch Opening stock 115000 35600 (44500/125%) Add: purchases 820000   Add:…

Q: What information are you given when you divide your current assets by your current liabilities?

A: Financial ratios are the ratios used by the company in evaluating and analyzing financial…