5- The ratio of Profit Before Tax Assets is known as? a-Net Profit after Taxes b-Return on assets c-Cost of Goods Sold d-Asset Utilization
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- Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Cost of salesA multi- step income statement ___________. A. Seperates cost of goods sold from operating expenses. B. Considers imterest revenue an operating activity. C. Is another name for a simple income statement. D. Combines cost of goods sold and operating expenses.(Multiple Choice) A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
- Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods soldSolomon Manufacturing Company was started on January 1, year 1, when it acquired $83,000 cash by issuing common stock. Solomon immediately purchased office furniture and manufacturing equipment costing $7,000 and $ 27,600, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,900 salvage value and an expected useful life of three years. The company paid $11, 100 for salaries of administrative personnel and $15, 600 for wages to production personnel. Finally, the company paid $10, 380 for raw materials that were used to make inventory. All inventory was started and completed during the year. Solomon completed production on 4, 400 units of product and sold 3,490 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)which of the following comes first in the income statement O a. finance cost O b. gross profit O C. C. cost of sales O d. distribution cost
- As inventoriable costs expire, they become a. sales b. cost of goods sold c. operating expenses d. gross profit14. Entities must allocate the cost of all goods available for sale between a. the cost of goods on hand at the beginning and the cost of goods purchased during the period b. the cost of goods on hand at the end and the cost of goods purchased during the period c. the income statement and the statement of financial position d. all the choices are correct.Which of the following costs are reported on a company’s income statement andbalance sheet?Income statement Balance sheeta. Cost of goods sold Accumulated depreciationb. Accumulated deprecation Landc. Gain on sale of land Cost of goods soldd. Goodwill Accounts payable
- Mark up can be calculated by the formula; a. Markup = Cost + Expenses b. Markup = Cost + Profit c. Markup = Selling price + Cost d. Markup = Expenses + ProfitOperating expenses are comprised of the following: O General and Administrative Expense, Cost of Goods Sold, Marketing and Selling Expense General and Administrative Expense, Interest Expense, Cost of Goods Sold O Marketing and Selling Expense, General and Administrative Expense, Finance Costs O Marketing and Selling Expense, Other IncomeGross profit is equal to Select one: a. revenues - expenses b. sales - cost of goods sold c. profits plus depreciation d. earnings before taxes minus taxes payable