A net loss should be shown as a(n) Select one: a. addition on the Balance Sheet....
A net loss should be shown as a(n)
Select one:
a. addition on the Balance Sheet.
b. addition on the Income Statement.
c. subtraction on the Statement of Owner’s Equity.
d. addition on the Statement of Owner’s Equity.
Homework Answers
The answer is
c. subtraction on the Statement of Owner’s Equity.
Net profit or loss during the period belongs to the owners. A profit is added to equity while a loss is deducted.
Income Statement is used to determine net loss and hence not adjusted in income statement
Owner's Equity forms a part of balance sheet, Hence no separate adjustment is required
Add Answer to:
A net loss should be shown as a(n)
Select one:
a. addition on the Balance Sheet....
1. The balance sheet should be prepared a.after the income statement and the statement of owner’s...
1. The balance sheet should be prepared a.after the income statement and the statement of owner’s equity b.before the income statement and after the statement of owner’s equity c.before the income statement and the statement of owner’s equity d.after the income statement and before the statement of owner’s equity 2. Which of the following accounts will not be closed to the capital account at the end of the year? a.Fees Earned b.Insurance Expense c.Prepaid Insurance d.Utilities Expense
Gains and losses are shown in which of the following statements? Select one: a statement of...
Gains and losses are shown in which of the following statements? Select one: a statement of stockholder's equity b. Income statement c. Statement of cash flow d. Balance sheet
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
The following Income Statement and Balance Sheet should be used: Creative Analysis, Inc. 2015 Income Statement...
The following Income Statement and Balance Sheet should be used: Creative Analysis, Inc. 2015 Income Statement Net sales $8,500 Cost of goods sold 7,210 Depreciation 400 Earnings before interest and taxes 890 Interest paid 40 Taxable Income $850 Taxes 310 Net Income $540 Dividends $324 Addition to retained earnings $216 Creative Analysis, Inc. 2015 Balance Sheet Cash $1,600 Accounts Payable $2,075 Accounts Rec. 975 Long-term debt 425 Inventory 2,425 Common stock 3,000 Total $5,000 Retained earnings 1,700 Net fixed assets...
The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset,...
The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset, but at the same time not affecting owner’s equity b. Use it as a temporary account c. Present a higher net income d. Always reflect the original value (historical cost) of the asset on the balance sheet
The following Income Statement and Balance Sheet should be used: Creative Analysis, Inc. 2015 Income Statement...
The following Income Statement and Balance Sheet should be used: Creative Analysis, Inc. 2015 Income Statement Net sales $8,500 7,210 400 Cost of goods sold Depreciation Earnings before interest and taxes 890 40 Interest paid Texable income $850 Taxes 310 Net Income $540 $324 Dividends Addition to retained earnings $216 Cash Creative Analysis, Inc. 2015 Balance Sheet $1,600 Accounts Payable 975 Long-term debt 2,425 Common stock $2,075 Accounts Rec 425 Inventory 3,000 Total 1,700 $5,000Retained earrings 2,200 Net fixed assets...
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b....
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b. assets, liabilities, and owners’ equity c. revenues, expenses, gains, and distributions to owners d. assets, liabilities, and investments by owners 2. Exchanges of assets for assets have what effect on equity? a. There is no relationship between assets and equity b. increase equity c. may have no impact on equity d. decrease equity 3. Identify the correct components of the income statement. a. revenues,...
Under IFRS,balance sheet isoften called Select one: a. cash flow statement b. statement of changes in...
Under IFRS,balance sheet isoften called Select one: a. cash flow statement b. statement of changes in equity c. statement of balance d. statement of financial position
Explain why the income statement can also be called a "profit-and-loss statement." What exactly does the wo...
Explain why the income statement can also be called a "profit-and-loss statement." What exactly does the word balance mean in the title of the balance sheet? Why do we balance the two halves? Explain why the income statement can also be called a "profit-and-loss statement." (Select from the drop-down menus.) t h at the top and ends with In reviewing the income statement of a profitable company, one can see that it begins with at the bottom. Had there been...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
Gains and losses are shown in which of the following statements? Select one: a statement of stockholder's equity b. Income statement c. Statement of cash flow d. Balance sheet
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
The following Income Statement and Balance Sheet should be used: Creative Analysis, Inc. 2015 Income Statement Net sales $8,500 7,210 400 Cost of goods sold Depreciation Earnings before interest and taxes 890 40 Interest paid Texable income $850 Taxes 310 Net Income $540 $324 Dividends Addition to retained earnings $216 Cash Creative Analysis, Inc. 2015 Balance Sheet $1,600 Accounts Payable 975 Long-term debt 2,425 Common stock $2,075 Accounts Rec 425 Inventory 3,000 Total 1,700 $5,000Retained earrings 2,200 Net fixed assets...
Explain why the income statement can also be called a "profit-and-loss statement." What exactly does the word balance mean in the title of the balance sheet? Why do we balance the two halves? Explain why the income statement can also be called a "profit-and-loss statement." (Select from the drop-down menus.) t h at the top and ends with In reviewing the income statement of a profitable company, one can see that it begins with at the bottom. Had there been...
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