is the below correct?Requirement:-is statement correct?Statement of Profit or LossFor the period ending 30 June 2023Account NameRevenueOther RevenueInterest ReceivedTotal RevenueDrCr86,00089086,890ExpensesAdvertising Expense1,700Depreciation Expense - Equipment3,276Phone Expense1,228Motor Vehicle Expense4,590Supplies Expense52,104Total ExpenseProfit (Loss)62,89823,990

Now we can dissect the statement further: First, income: During the stipulated period, the business…

Answered: is the below correct? Requirement:-is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20MC: Which of the following is a measurement of earnings that represents the profit before interest,...

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Use attachment to answer the following Assume all assets are operating assets; all current liabilities are operating liabilities. Return on net operating assets for 2006 is: a) 11.30% b) 11.03% c) 9.93% d) 11.19
Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS
Prior (Past) service cost is included among OCI items in the statement of comprehensive income and thus subsequently becomes part of AOCI where it is amortized over the average remaining service period using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.
38. The current asset section of a balance sheet most likely will include: a. goodwill arising in a business combination accounted for as acquisition b. all deferred income taxes resulting from interperiod income tax allocation c. rent receivable for a security deposit on a lease d. a receivable from a customer not collectible for over one year
Please prepare a cost by nature/expense by nature income statement for the following points. In particular please explain whether point a) (first point) should be included in the income statement. In point a), Is there sufficient information for write-off expenses to be recorded in the income statement and should write-off of assets be included in the income statement? a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000
Listed below are nine technical accounting terms used in this chapter:Unrecorded revenue Adjusting entries Accrued expensesBook value Matching principle Accumulated depreciationUnearned revenue Materiality Prepaid expensesEach of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not cor-rectly describe any of the terms. a. The net amount at which an asset is carried in the accounting records as distinguished from itsmarket value. b. An accounting concept that may justify departure from other accounting principles for pur-poses of convenience and economy. c. The offsetting of revenue with expenses incurred in generating that revenue.d. Revenue earned during the current accounting period but not yet recorded or billed, whichrequires an adjusting entry at the end of the period.e. Entries made at the end of the period to achieve the goals of accrual accounting…
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
How is the valuation of cuIrent assets affected if the company follows IFRS? ( OValuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately. Aliability created for receiving cash for future services to be provided is termed O service revenue. O estimated warranty payable. Ounearned revenue. Oaccrued liability.
Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net revenues Cost of sales Gross Profit Selling, general and administrative expenses Amortization expense Restructuring costs Acquisition-related costs Asset impairment charges Gain on sales of assets Operating income Interest expense, net Loss on early extinguishment of debt Other expense, net Income (loss) before taxes (Benefit) provision for income taxes Net income (loss) Select one: 1,394,8 1,444.4 1,474.3 S 1,419.6 5,248.1 1,746.0 3,502.1 2,027.8 During fiscal 2050, the company sold assets relating to the Cutey brand for a total disposal price of $29.2. The Company allocated $4.2 of goodwill to the brand as part of the sale. The Company recorded a gain of $24.8 which has been reflected in Gain on sales of assets in the Consolidated Statement of Operations for the fiscal year ended June 30, 2050. 79.5 86.9 174.0 5.5 (24.8) 1,153.2 81.9 3.1 30.4 1,037.8 (40.4) 1,078.2
Also known as the historical cost principle, ________ states that everything the company owns orcontrols (assets) must be recorded at their value at the date of acquisition.A. revenue recognition principleB. expense recognition (matching) principleC. cost principleD. full disclosure principle
How much is the additional loss, related to the return of the asset to itsoriginal classification as non-current, shall be reported in the 2022statement of comprehensive income
29 - Which is operating expense?A) 632. General Administrative ExpensesB) 689. Other Extraordinary Expenses and LossesC) 657. Rediscount Interest ExpensesD) 660. Short Term Borrowing ExpensesE) 654. Provision Expenses

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