Which of the following is excluded from gross income? a.Scholarships for tuition b.Prizes c.Rental income d.Hobby income e.All of these choices are included in gross income.

Q: Gross profit is equal to Select one: a.  revenues - expenses b. sales - cost of goods sold c.…

A: The income statement is prepared to find the net income or losses incurred during the period.

Q: The Can-Do Co. is analyzing a proposed project. The company expects to sell 12,000 units, give or…

A: The net income is the net profit of the company earned during the period. The net income includes…

Q: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: When we reduce Total expenses from Revenue , the result is called as ........... a. Cost b. Revenues…

A: Revenues is the total receipts of the business irrespective of the cost incurred. Expenses are the…

Q: Compensation income may be in the form of monetary or in-kind benefit. a.true b.false

A:

Q: Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative…

A: Cash flows from operating activities is an important section of cash flow statement, which shows all…

Q: Sales Sales Revenue Less Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating…

A: Income Statement - Income Statement includes Revenue earned and Expenses incurred during the…

Q: Should unrealized gains and losses be shown as net income or comprehensive income? Defend your…

A: Unrealized gains and losses refer to changes in the value of assets or liabilities that have not…

Q: which of the following would be considered in the calculation of gross profit?  Sales and returns…

A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…

Q: Explain the difference between net income and comprehensive income and howwe report components of…

A: Financial statement: Financial statement is a record of all the financial activities of the…

Q: variables cost

A: Variable cost is the cost that change according to sale or production volume.

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: The following information was taken from the 20X1 financial statements of Eiger Corporation, a maker…

A: Cash flow from operating activities consists of cash flows (inflows and outflows) from day to day…

Q: What is the difference between a traditional format income statement and a contribution format…

A:

Q: Which of the following best describes revenue?

A: In simple accounting term revenue is the amount which company earn by selling goods or providing…

Q: 1. How do I find the net income?  2. What is the correct title for this statement?

A: In the cost sheet of the business, various costs of the business are recorded in various heads like…

Q: Gross margin is included on the income statement under which format(s)? A) B) C) D) Contribution…

A: Gross Margin is included on the income statement under traditional approach.  Gross Margin = Sales -…

Q: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: Should options given as part of compensationpackages be reported on the income statement asan…

A: Stock options are recognized as a compensation expense in the financial statements of a company.…

Q: What is the net income from the following incor

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

Q: Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its…

A: Stockholder's equity refers the equity or capital introduced by the owner and it also includes…

Q: Distinguish between cash-basis net income and accrual-basis net income.

A:

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 is net income? Give three examples?

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

Q: where's the total net income under scenario b?

A: Gross Profit = Sales - Manufacturing Expenses Net Income = Gross Profit - Non Manufacturing…

Q: What items are not presented on the income statement?

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

Q: allocation of income or loss to have economic effect

A: Income or loss is the net result of operational activities of a business conducted during a…

Q: Which of the following is not included under other income? a. Rent received b. Commission received…

A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.

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: 19. Using the information below, calculate gross profit for the period: Sales revenues for the…

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

Q: Items from the 2015 income statement, statement of retained earnings, and balance sheet of…

A: Workings: Total assets=Total liabilities+Shareholders equity$15,251=$7,183+Shareholders…

Q: Inventories (net) LIFO reserve Net Income 468,611 3,476 13,918 Assume corporate tax rate of 40%.…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: Income statements prepared under IFRS usually report an item titled finance costs. What do finance…

A: International Financial Reporting Standards: These are defined as the set of accounting rules and…

Q: What is the difference between gross income and net income?

A: Gross income refers to the income or profit remaining after all the production related expenses are…

Q: What is the difference between a contribution approach income statement and a traditionalapproach…

A: Contribution Approach Income Statement: Under this approach, contribution amount is the main focus…

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: How should you compute the number that appears as "cost of good sold" in a common-size income…

A: Lets understand the basics.There are two type of analysis are made.(1) Verticle analysis(2)…

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…

Q: What is the definition of gross income? “Gross income includes all income unless….”

A: As the name itself suggests that all kinds of incomes are included while computing gross income.

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.