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Q. Explain about income statement?
The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period of time. In accounting we calculate profitability for a period such like a month or year by comparing the revenues earned with the expenses incurred to produce these revenues. Revenues are the inflows of assets such like cash resulting from the sale of products or the rendering of services to customers. We compute revenues by the prices agreed on in the exchanges in which a business delivers goods or renders services. Expenses are the costs acquired to produce revenues. Expenses are calculated by the assets surrendered or consumed in serving customers. If the revenues of a period go beyond the expenses of the same period, net income results therefore
Net income = Revenues - Expenses
Net income is habitually called the earnings of the company. When expenses go beyond revenues, the business has a net loss and it has managed unprofitably.
This corporation carry out courier delivery services of documents and packages in San Diego in the state of California USA.
Can you explain to me how you did it? As well as putting it in a excel format but make it not take a lot of papers to print it out. A girl in my class said you can use a paint prog
Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
what is the contributed capital and how do you figure it out?
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
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