What would your personal income statement look like today( no need to show your personal finances,...
What would your personal income statement look like today( no need to show your personal finances, just reflect on them)? Are you operating "at a profit" or "at a loss"?
What steps could you take to reduce your "operating expenses"?
Homework Answers
1. My personal income statement is operating at a mild surplus but it is projected to go down as my expenses are shooting upwards.
2.My financial statement will look like a bad management of my funds as I didn't discount for growing expenses and didn't prepare for adverse situations.
3.Steps I'm taking to reduce my operating expenses are-
A. Switching to public transportation system instead of private vehicles
B. Cutting over unnecessary spending over pubs and parties
C. Doing part time work in order to inflate my income.
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What would your personal income statement look like today( no
need to show your personal finances,...
How would you construct a balance sheet for your personal finances? What information would you include?...
How would you construct a balance sheet for your personal finances? What information would you include? What would the balance sheet tell you about the state of your personal finances? Reply
What does the single step income statement look like and what is the operating income? The...
What does the single step
income statement look like and what is the operating income?
The Filzinger Corporation's December 31, 2021 year-end trial balance contained the following income statement items: Debits Credits 6,675,880 69,000 51,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense General and administrative expense Interest expense Research and development expense Income tax expense 4,250,000 330,000 943,000 29,000 580,000 144,000 Required: Calculate the company's operating income for the year...
In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have...
In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. $210 Rent payment Interest income Income tax withheld Electricity bill Groceries Wages earned Insurance $500 Miscellaneous costs 50 Savings 300 Eating out 85 Telephone and Internet costs 100 Student loan payments 2,500 Entertainment costs 100 Transportation costs 150 125 375 250 150 Using the information above, prepare...
a. What is accounting and how does it help you manage your personal finances? b. Describe...
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The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $ 845 Cost of goods sold (356) Gross profit 489 Operating expenses (182) Income tax expense (88) Income before discontinued operations 219 Loss from discontinued operations, net of tax (87) Net income $ 132 The company’s tax rate is 40%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with...
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The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $ 905 Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations , net of tax (380) 525 (190) (96) 239 (95) Net income 144 The company's tax rate is 40% Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indica a...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Sales revenue Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income $ 822 (356) 466 (182) (49) 235 (88) $ 147 The company's tax rate is 25%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus...
The following Income statement does not reflect Intraperlod tax allocation. INCOME STATEMENT For the Fiscal Year...
The following Income statement does not reflect Intraperlod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Sales revenue Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income $ 830 (350) 480 (180) (54) 246 (84) $ 162 The company's tax rate is 25%. Required: Recast the income statement to reflect Intraperlod tax allocation. (Loss amounts should be Indicated with a minus...
How would you construct a balance sheet for your personal finances? What information would you include? What would the balance sheet tell you about the state of your personal finances? Reply
What does the single step
income statement look like and what is the operating income?
The Filzinger Corporation's December 31, 2021 year-end trial balance contained the following income statement items: Debits Credits 6,675,880 69,000 51,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense General and administrative expense Interest expense Research and development expense Income tax expense 4,250,000 330,000 943,000 29,000 580,000 144,000 Required: Calculate the company's operating income for the year...
In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. $210 Rent payment Interest income Income tax withheld Electricity bill Groceries Wages earned Insurance $500 Miscellaneous costs 50 Savings 300 Eating out 85 Telephone and Internet costs 100 Student loan payments 2,500 Entertainment costs 100 Transportation costs 150 125 375 250 150 Using the information above, prepare...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $ 905 Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations , net of tax (380) 525 (190) (96) 239 (95) Net income 144 The company's tax rate is 40% Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indica a...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Sales revenue Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income $ 822 (356) 466 (182) (49) 235 (88) $ 147 The company's tax rate is 25%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus...
The following Income statement does not reflect Intraperlod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Sales revenue Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income $ 830 (350) 480 (180) (54) 246 (84) $ 162 The company's tax rate is 25%. Required: Recast the income statement to reflect Intraperlod tax allocation. (Loss amounts should be Indicated with a minus...
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