What item would be included in "other revenue" found on an income statement? A) Sales B)...
What item would be included in "other revenue" found on an income statement?
A) Sales
B) income from operations
C) interest income
D) extraordinary gain
Homework Answers
Sales in Main revenue
Extraordinary gain is not other revenue it is extraordinary gain
But interest income is other revenue
So answer is c) Interest income
Add Answer to:
What item would be included in "other revenue" found on an
income statement?
A) Sales
B)...
Mountain View's activities for the year included the following: Gross Sales 7,400,000 Cost of goods sold...
Mountain View's activities for the year included the following: Gross Sales 7,400,000 Cost of goods sold 3,100,000 Selling and administrative expenses 900,000 Adjustment for a prior year understatement of depreciation expense 112,000 Sales returns 71,000 Loss on operations of discontinued Segment A 411,000 Royalty income from infringement settlement 800,000 Unrealized loss on equity securities 41,000 Gain on disposal of assets of discontinued business Segment A 375,000 Extraordinary loss from hail storm 143,000 Gain on early extinguishment of convertible bonds 201,000...
Need help thank you in advance 5. The account 'dividend revenue' would be included in which...
Need help thank you in advance
5. The account 'dividend revenue' would be included in which section of the income statement? a. net sales c operating expenses b. cost of goods sold d. other revenues and expenses 6. The account 'sales returns and allowances' would be included in which section of the income statement? a. net sales c. operating expenses b. cost of goods sold d. other income and expenses
The following income statement was prepared by Walters Corporation a seller of equipment for the year...
The following income statement was prepared by Walters Corporation a seller of equipment for the year ended Dec-31, 2013 Walters Corporation Comprehensive Income Statement For the year ended Dec-31, 2013 Sales revenue (Note: 1)……………………………………………………………………………………... $310,000 Cost of goods sold…………………………………………………………………………………………………………..…(140,000) Gross profit………………………………………………………………………………………………………………………. 170,000 Less: Operating Expenses. Selling and administrative expenses…………………………………………50,000 Loss on sale of Investment……………………………………………………… 15,000 (65,000) Other income and expense Gain on sale of plant assets…………….………………………………....... 40,000 Depreciation expense……………………………………………….……..….. (15,000) Rent Expense………………………………………………………….……..…….. (6,000) Dividend revenue…………………………………………………………….…… 50,000 Gain on disposal of a...
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Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following: Debit Credit $280,000 Sales revenue Cost of goods sold $150,000 Administrative expenses 40,000 Loss on sale of equipment 18,000 Commissions to salespersons 16,000 Interest revenue 10,000 Freight-out 6,000 Loss due to earthquake damage 24,000 Bad debt expense 6,000 Totals $260.000 $290,000 Other information: Logan's income tax rate is 30%. Finished goods inventory: January 1, 2014 $160,000 December 31, 2014 140,000 On Logan's...
QUESTION 24 An income statement would not include OA discontinued operations. OB dividends paid. OC other...
QUESTION 24 An income statement would not include OA discontinued operations. OB dividends paid. OC other revenue and gains. OD extraordinary items. QUESTION 26 Generally, the most important category on the statement of cash flows is cash flows from OA operating activities. OB investing activities OC. financing activities OD. significant noncash activities
5.) Discontinued operations are reported as follows on the income statement: A. Wherever the preparer of...
5.) Discontinued operations are reported as follows on the income statement: A. Wherever the preparer of the statements chooses to report them. B. Before income from continuing operations. C. After income from continuing operations. D. After gross profit. 6.) With regard to the NEW rules, extraordinary items: A. Must be unusual in nature to be classified as extraordinary. B. Must occur infrequently to be classified as extraordinary. OC. Must be unusual in nature AND occur infrequently to be classified as...
Which of the following would not be found on the income statement of a manufacturer? Select...
Which of the following would not be found on the income statement of a manufacturer? Select one: a. operating income b. cost of goods sold work in process d. sales revenue
Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included...
Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $19,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $680,000 $585,000 Cost of goods sold 326,400 310,050 Gross profit $353,600 $274,950 Selling expenses $129,200 $105,300 Administrative expenses 68,000 70,200...
which of these statement presents an "extraordinary item" as shown on an inclme statement? a. interest...
which of these statement presents an "extraordinary item" as shown on an inclme statement? a. interest rates that increase quickly b. inventory that becomes obsolete c. a large discount given to a client d. a flood that damages inventory which if the following items are listed as seperate line item on an income statement in order to facilitate analysis and understanding? (select all that apply). a. a gain on sale of a major division of a company b. an increase...
$ $ Other Income and (Expenses) Net Sales Revenue Gain on Discontinued Operations (7,200) 81,000 Cost...
$ $ Other Income and (Expenses) Net Sales Revenue Gain on Discontinued Operations (7,200) 81,000 Cost of Goods Sold Operating Expenses 30,000 25,000 3,600 Prepare ABC's income statement for the year ended December 31, 2018. Omit earnings per share. Use the multi-step format. ABC Corporation Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 81,000 30,000 Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Income and (Expenses) Income Before Income Taxes 51,000 25,000 26,000 (7,200)...
Need help thank you in advance
5. The account 'dividend revenue' would be included in which section of the income statement? a. net sales c operating expenses b. cost of goods sold d. other revenues and expenses 6. The account 'sales returns and allowances' would be included in which section of the income statement? a. net sales c. operating expenses b. cost of goods sold d. other income and expenses
Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following: Debit Credit $280,000 Sales revenue Cost of goods sold $150,000 Administrative expenses 40,000 Loss on sale of equipment 18,000 Commissions to salespersons 16,000 Interest revenue 10,000 Freight-out 6,000 Loss due to earthquake damage 24,000 Bad debt expense 6,000 Totals $260.000 $290,000 Other information: Logan's income tax rate is 30%. Finished goods inventory: January 1, 2014 $160,000 December 31, 2014 140,000 On Logan's...
QUESTION 24 An income statement would not include OA discontinued operations. OB dividends paid. OC other revenue and gains. OD extraordinary items. QUESTION 26 Generally, the most important category on the statement of cash flows is cash flows from OA operating activities. OB investing activities OC. financing activities OD. significant noncash activities
5.) Discontinued operations are reported as follows on the income statement: A. Wherever the preparer of the statements chooses to report them. B. Before income from continuing operations. C. After income from continuing operations. D. After gross profit. 6.) With regard to the NEW rules, extraordinary items: A. Must be unusual in nature to be classified as extraordinary. B. Must occur infrequently to be classified as extraordinary. OC. Must be unusual in nature AND occur infrequently to be classified as...
Which of the following would not be found on the income statement of a manufacturer? Select one: a. operating income b. cost of goods sold work in process d. sales revenue
$ $ Other Income and (Expenses) Net Sales Revenue Gain on Discontinued Operations (7,200) 81,000 Cost of Goods Sold Operating Expenses 30,000 25,000 3,600 Prepare ABC's income statement for the year ended December 31, 2018. Omit earnings per share. Use the multi-step format. ABC Corporation Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 81,000 30,000 Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Income and (Expenses) Income Before Income Taxes 51,000 25,000 26,000 (7,200)...
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