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Q. Explain about Classified income statement?
An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divides both revenues and expenses into operating and non operating items. The statement as well separates operating expenses into selling and administrative expenses. A classified income statement is as well called a multiple-step income statement. We demonstrate a classified income statement for Hanlon Retail Food Store. This statement use the previously presented data on sales Exhibit 35 and cost of goods sold Exhibit 38 together with additional assumed data on operating expenses and other expenses and revenues. Note in Exhibit 39 that a classify income statement has the following four main sections
- Operating revenues.
- Cost of goods sold.
- Operating expenses.
- Non operating revenues and expenses (other revenues and other expenses).
Q. Illustrate lower-of-cost-or-market method? Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around th
what the accounts maintained in retail business
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
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