Homework Answers
15. Option (E) is correct
All the given items are shown under multiple step income statement. A multiple step income statement shows the break up of net income by various income and expense categories.
16. Option (D) is correct
Accounting information system is the system that identifies, records and communicates the economic events of the organization to interested users.
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15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT:...
answer each question with an explnation of each answer please 4. Multiple Choice Question 61 Which...
answer each question with an explnation of each answer
please
4. Multiple Choice Question 61 Which of the following is the most appropriate and modern definition of accounting? a. b. The information system that identifies, records, and communicates the economic events of an organization to interested users. The interconnected network of subsystems necessary to operate a business, Electronic collection, organization, and communication of vast amounts of information A means of collecting information. C. d. Answer: 1 5. Multiple Choice Question...
Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during...
Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during the year. Analyzing and interpreting information. Classifying economic events. Explaining uses, meaning, and limitations of data. Keeping a systematic chronological diary of events. Measuring events in dollars and cents. Preparing accounting reports. Reporting information in a standard format. _Selecting economic activities relevant to the company. Summarizing economic events. Accounting is "an information system that identifies, records, and communicates the economic events of an organization...
Prepare the net sales portion only of this company’s multiple-step income statement. A company reports the...
Prepare the net sales portion only of this company’s multiple-step
income statement.
A company reports the following sales-related information. Sales, gross Sales discounts $ 300,000 Sales returns and allowances 6,000 Sales salaries expense $23,000 12,000 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following...
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 245,000 Sales returns and allowances $ 20,000 Sales discounts 4,900 Sales salaries expense 10,900 Prepare the net sales portion only of this company’s multiple-step income statement. Multiple- Step Income Statement (partial) _________________________________ ______________ ______________ _________________________________ ______________ ______________ _________________________________ _______________ __________0____ Net Sales_________________________ _______________ ______________
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following...
Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 250,000 Sales returns and allowances $ 21,000 Sales discounts 5,000 Sales salaries expense 11,000 Prepare the net sales portion only of this company’s multiple-step income statement.
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C....
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C. Recordkeeping d. Internal users e. Accounting f. Certifled Public Accountant (CPA) g. Fraud triangle h. Managerial accounting I. External users 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable Information about an organization's business activities. 2. The part of accounting that involves recording transactions and events, either electronically or manually. 3. Persons using accounting information who are not...
3. All of the following are "other items" reported on a multiple-step income statement after income...
3. All of the following are "other items" reported on a multiple-step income statement after income from operations except a. Interest income. b. Interest expense. c. Depreciation expense. d. Dividend income. 2. When a component of a company's operations is classified as held for sale at the end of an accounting period, a. The component may not be reported as a discontinued operation until sold. b. The component will be reported on the balance sheet at the higher of its...
prepare a multiple step income statement for jackrabbit inc. from the following single step statement Net...
prepare a multiple step income statement for jackrabbit inc.
from the following single step statement
Net income bit Inc, from the following Collowing single 112. Prepare a multiple-step income statement for Jackrabbit Inc. fra step statement $1,840,000 15,000 13,000 1,868,000 Net sales Gain on sale of equipment ils >> Interest income go Costs and expenses: Cost of goods sold Selling expenses General and administrative expenses Depreciation MESTO Equity losses 2018 Interest expense HER Income tax expenser e r ten 1,072,000...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020. Sales revenue $950,000 Cost of goods sold 575,000 Dividends received on investment in stocks 6,500 Interest expense 4,200 Loss on sale of investments 48,000 Promotion expense 15,000 Shipping expense 25,000 Depreciation (50% selling, 50% general and administrative) 20,000 Salaries (general and administrative) 80,000 Other general and administrative expenses 23,000 Salaries (selling) 85,300 Interest revenue...
answer each question with an explnation of each answer
please
4. Multiple Choice Question 61 Which of the following is the most appropriate and modern definition of accounting? a. b. The information system that identifies, records, and communicates the economic events of an organization to interested users. The interconnected network of subsystems necessary to operate a business, Electronic collection, organization, and communication of vast amounts of information A means of collecting information. C. d. Answer: 1 5. Multiple Choice Question...
Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during the year. Analyzing and interpreting information. Classifying economic events. Explaining uses, meaning, and limitations of data. Keeping a systematic chronological diary of events. Measuring events in dollars and cents. Preparing accounting reports. Reporting information in a standard format. _Selecting economic activities relevant to the company. Summarizing economic events. Accounting is "an information system that identifies, records, and communicates the economic events of an organization...
Prepare the net sales portion only of this company’s multiple-step
income statement.
A company reports the following sales-related information. Sales, gross Sales discounts $ 300,000 Sales returns and allowances 6,000 Sales salaries expense $23,000 12,000 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C. Recordkeeping d. Internal users e. Accounting f. Certifled Public Accountant (CPA) g. Fraud triangle h. Managerial accounting I. External users 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable Information about an organization's business activities. 2. The part of accounting that involves recording transactions and events, either electronically or manually. 3. Persons using accounting information who are not...
3. All of the following are "other items" reported on a multiple-step income statement after income from operations except a. Interest income. b. Interest expense. c. Depreciation expense. d. Dividend income. 2. When a component of a company's operations is classified as held for sale at the end of an accounting period, a. The component may not be reported as a discontinued operation until sold. b. The component will be reported on the balance sheet at the higher of its...
prepare a multiple step income statement for jackrabbit inc.
from the following single step statement
Net income bit Inc, from the following Collowing single 112. Prepare a multiple-step income statement for Jackrabbit Inc. fra step statement $1,840,000 15,000 13,000 1,868,000 Net sales Gain on sale of equipment ils >> Interest income go Costs and expenses: Cost of goods sold Selling expenses General and administrative expenses Depreciation MESTO Equity losses 2018 Interest expense HER Income tax expenser e r ten 1,072,000...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020. Sales revenue $950,000 Cost of goods sold 575,000 Dividends received on investment in stocks 6,500 Interest expense 4,200 Loss on sale of investments 48,000 Promotion expense 15,000 Shipping expense 25,000 Depreciation (50% selling, 50% general and administrative) 20,000 Salaries (general and administrative) 80,000 Other general and administrative expenses 23,000 Salaries (selling) 85,300 Interest revenue...
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