Homework Answers
| The correct option is THIRD | ||
| Net income = Revenue - expenses | ||
| Explanation: | ||
| To derive net income we need to deduct expenses (operating & not operating ) | ||
| from the revenue. | ||
| Revenue is the income of the entity which is received from the sale of goods or services. | ||
Add Answer to:
Question 4 View Policies Current Attempt in Progress Net income results when Assets > Liabilities. Revenues...
Question 1 View Policies Current Attempt in Progress An income statement reports the assets, liabilities, and...
Question 1 View Policies Current Attempt in Progress An income statement reports the assets, liabilities, and stockholders' equity at a specific date. reports the changes in assets, liabilities, and stockholders' equity over a period of time. presents the revenues and expenses for a specific period of time. summarizes the changes in retained earnings for a specific period of time.
Question 6 View Policies Current Attempt in Progress Dividends paid decrease retained earnings. decrease revenues. increase...
Question 6 View Policies Current Attempt in Progress Dividends paid decrease retained earnings. decrease revenues. increase expenses. increase assets.
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a O credit of $137000 O debit of $91000 O credit of $91000 O debit of $137000.
Question 1 of 1 < > -/1 E View Policies Current Attempt in Progress On June...
Question 1 of 1 < > -/1 E View Policies Current Attempt in Progress On June 1, 2022, Carla Vista Co. was started with an initial investment in the company of $20,160 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock $5,450 4.270 8,400 2.438 400 26,000...
Question 2 View Policies Current Attempt in Progress In its income statement for the year ended...
Question 2 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2019, Sunland Company reported thef Operating expenses Interest revenue $32,380 $768,410 1,338,000 Loss on disposal of plant assets Cost of goods sold Interest expense 72,070 Net sales 18,030 2.422,500 6,550 other comprehensive income Prepare a multiple-step Income statement. (List other revenues before other expenses Sunland Company Income Statement For the Year Ended December 31, 2019 $ eTextbook and Media List of Accounts...
Question 5 View Policies Show Attempt History Current Attempt in Progress In its income statement for...
Question 5 View Policies Show Attempt History Current Attempt in Progress In its income statement for the year ended December 31, 2022, Marigold Corp.reported the following condensed data, Operating expenses $ 713,000 Interest revenue $ 25,000 Cost of goods sold 1,248,000 Loss on disposal of plant assets 9,000 Interest expense 62,000 Net sales 2,192,000 Income tax expense 36,000 Other comprehensive income (net of $1,200 tax) 7,500 Your answer is partially correct. Prepare a multiple-step income statement. Marigold Corp. Income Statement...
Question 4 of 4 < -/1 = View Policies Current Attempt in Progress Nordstran, Inc. operates...
Question 4 of 4 < -/1 = View Policies Current Attempt in Progress Nordstran, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions of dollars) for a recent year follow. End of Year Beginning of Year Cash and cash equivalents $ 75 $ 385 Receivables (net) 1,940 1,930 Merchandise inventory 1,129 1,145 Other current assets 310 275 Total current assets $3.454 $3,735 Total current liabilities $1,570 $1,660 Compute working capital and the current ratio at...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
Grades Wiley Accounting Weekly Updates Question 6 View Policies Show Attempt History Current Attempt in Progress...
Grades Wiley Accounting Weekly Updates Question 6 View Policies Show Attempt History Current Attempt in Progress Discussions Conferences Collaborations Your answer is incorrect. WileyPLUS Support Here are incomplete financial statements for Blossom Company Calculate the missing amounts. BLOSSOM COMPANY Balance Sheet Assets Cash $ 13,000 inventory 16,000 Buildings 39,000 $68.000 Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable $5,400 Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity $68.000 BLOSSOM COMPANY Income Statement Revenues $84700 Cost of...
Question 4 of 8 < > -11 View Policies Current Attempt in Progress Staples, Inc. is...
Question 4 of 8 < > -11 View Policies Current Attempt in Progress Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $820 million and sales of $24,200 million in 2022. Its total assets were $14.400 million at the beginning of the year and $15,650 million at the end of the year. What is Staples, Inc.'s (a) asset turnover and (b) profit margin? (Round answers to 2 decimal...
Question 1 View Policies Current Attempt in Progress An income statement reports the assets, liabilities, and stockholders' equity at a specific date. reports the changes in assets, liabilities, and stockholders' equity over a period of time. presents the revenues and expenses for a specific period of time. summarizes the changes in retained earnings for a specific period of time.
Question 6 View Policies Current Attempt in Progress Dividends paid decrease retained earnings. decrease revenues. increase expenses. increase assets.
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a O credit of $137000 O debit of $91000 O credit of $91000 O debit of $137000.
Question 1 of 1 < > -/1 E View Policies Current Attempt in Progress On June 1, 2022, Carla Vista Co. was started with an initial investment in the company of $20,160 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock $5,450 4.270 8,400 2.438 400 26,000...
Question 2 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2019, Sunland Company reported thef Operating expenses Interest revenue $32,380 $768,410 1,338,000 Loss on disposal of plant assets Cost of goods sold Interest expense 72,070 Net sales 18,030 2.422,500 6,550 other comprehensive income Prepare a multiple-step Income statement. (List other revenues before other expenses Sunland Company Income Statement For the Year Ended December 31, 2019 $ eTextbook and Media List of Accounts...
Question 5 View Policies Show Attempt History Current Attempt in Progress In its income statement for the year ended December 31, 2022, Marigold Corp.reported the following condensed data, Operating expenses $ 713,000 Interest revenue $ 25,000 Cost of goods sold 1,248,000 Loss on disposal of plant assets 9,000 Interest expense 62,000 Net sales 2,192,000 Income tax expense 36,000 Other comprehensive income (net of $1,200 tax) 7,500 Your answer is partially correct. Prepare a multiple-step income statement. Marigold Corp. Income Statement...
Question 4 of 4 < -/1 = View Policies Current Attempt in Progress Nordstran, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions of dollars) for a recent year follow. End of Year Beginning of Year Cash and cash equivalents $ 75 $ 385 Receivables (net) 1,940 1,930 Merchandise inventory 1,129 1,145 Other current assets 310 275 Total current assets $3.454 $3,735 Total current liabilities $1,570 $1,660 Compute working capital and the current ratio at...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
Grades Wiley Accounting Weekly Updates Question 6 View Policies Show Attempt History Current Attempt in Progress Discussions Conferences Collaborations Your answer is incorrect. WileyPLUS Support Here are incomplete financial statements for Blossom Company Calculate the missing amounts. BLOSSOM COMPANY Balance Sheet Assets Cash $ 13,000 inventory 16,000 Buildings 39,000 $68.000 Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable $5,400 Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity $68.000 BLOSSOM COMPANY Income Statement Revenues $84700 Cost of...
Question 4 of 8 < > -11 View Policies Current Attempt in Progress Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $820 million and sales of $24,200 million in 2022. Its total assets were $14.400 million at the beginning of the year and $15,650 million at the end of the year. What is Staples, Inc.'s (a) asset turnover and (b) profit margin? (Round answers to 2 decimal...
Most questions answered within 3 hours.
-
the slime layer external to the prokaryotic cell wall is called
the ?
asked 4 minutes ago -
Cheyenne Company must decide whether to make or buy some of its
components. The costs of...
asked 7 minutes ago -
What is the maximum number of edges that a graph on 7 vertices can
have if...
asked 5 minutes ago -
What is the entropy change for mixing 1 liter of a monoatomic
ideal gas (call it...
asked 5 minutes ago -
A company that has 150 employees chooses a committee of 11 to
represent employee retirement issues....
asked 26 minutes ago -
the
force between two 2.11 x 10^-4 C charges that are 2.11 meters apart
is ______N?
asked 41 minutes ago -
A truck of mass m slows from speed v0 to speed v in a
time t....
asked 27 minutes ago -
A 60kg box rests on a floor with a coefficient of kinetic
friction of 0.600 and...
asked 25 minutes ago -
if you cut off ANS innervation what would happen to the heart
rate?
asked 24 minutes ago -
What is the output of the below code?
var color = "yellow";
var colorObject = {...
asked 25 minutes ago -
Suppose you purchased 19 shares of Disney stock for $23.95 per
share on May 1, 2012....
asked 29 minutes ago -
Using the sample PV system below, calculate the wire sizes
needed for various portions of the...
asked 43 minutes ago