Which of the following is included in computing the total gross income?  Incidental revenue Net Ordinary income from non-operating activities Net capital gain All of the above

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

Q: Statement of comprehensive income can be presented as

A: Statement of Comprehensive Income can be defined as the statement that contains the summary of the…

Q: tatements:

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

Q: Net Income is transferred to the​ ____

A: Financial statements includesIncome statementBalance sheet Cash flow statementFinancial statements…

Q: Compute for the consolidated net income

A: The consolidated net income is the combined income of both the parent company and its subsidiaries.…

Q: What types of assets produce capital gains income when sold for a profit? A) Inventory B) Realized…

A: Lets understand the basics.Capital gain arise when capital asset gets sold to other party. It is a…

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: 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: 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: Describe the format used to report the components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: What is “comprehensive income”? Its composition varies from company to company but may include which…

A: Comprehensive income: The total of net income and other comprehensive income (OCI) is referred to as…

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: How/where is a revenue increase shown on a pro forma income statement?

A: Pro forma income statement is the budgeted or estimated income statement which shows all estimated…

Q: What is the net income from the following incor

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

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: The trial balance of Rollins Inc. included the following accounts as of December 31, 202 Credits 5,…

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

Q: Which of the following is deductible from gross income? Loss from a business receivable from a…

A: Loss from a business receivable from a customer which is estimated to be doubtful of collection:…

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: What is the purpose of arranging an income statement toshow subtotals for income from continuing…

A: Income statement is prepared to compute the total net profit or loss generated or incurred during an…

Q: Distinguish between operating income and net income?

A: The main purpose of carrying on business operation is earning profits or income. It is the incentive…

Q: The term ‘Operating Profit’ means profit before _____ a. Interest b. Tax c. Interest and tax d.…

A: Formula: operating profit = Sales - Cost of goods sold - Operating expenses - Depreciation.

Q: How do gross profits, operating income, and net income differ

A: In finance when making or analyzing an income statement we look into different types of income or…

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: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

Q: Required: Net income?

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

Q: Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net…

A: EBIT is a financial metric that represents a company's operating profit, indicating how much profit…

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 “comprehensive income”? Its composition varies from company to company but may include which…

A: Comprehensive income: The total of net income and other comprehensive income (OCI) is referred to as…

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: 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:…