The multiple-step form of income statement shows operating income separate from other revenue and other expenses.

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Asked 6/9/2014 12:08:19 PM

Updated 6/9/2014 2:52:40 PM

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User: What is the definition of income statement?

User: What is the definition of income statement?

User: Net sales minus cost of goods sold equals

User: The multiple-step form of income statement shows operating income separate from other revenue and other expenses.

Weegy: The multiple-step income statement also shows the gross profit (net sales Operating expenses are subtracted from gross profit to arrive at operating income.
HowardGriffin|Points 50|

User: The following information was taken from the financial statements of Sunshine City: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The inventory turnover (rounded to one decimal place) for Sunshine City is (Points : 3)

Weegy: WORKING CAPITAL =Total Current Asset - total current liability = 53,000 - 21,000 =$ 32,000
neildychauco|Points 326|

User: The following information was taken from the financial statements of Sunshine City: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000

Weegy: WORKING CAPITAL =Total Current Asset - total current liability = 53,000 - 21,000 =$ 32,000
neildychauco|Points 326|

User: The following information was taken from the financial statements of Sunshine City: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The inventory turnover (rounded to one decimal place) for Sunshine City is (Points : 3)

Weegy: WORKING CAPITAL =Total Current Asset - total current liability = 53,000 - 21,000 =$ 32,000
neildychauco|Points 326|

User: Working capital is the difference between current assets and current liabilities.

User: Reversing entries make possible the entering of the transactions of the succeeding accounting period in a routine manner. True False

Weegy: Reversing entries are made on the first day of an accounting period in order to remove certain adjusting entries made in the previous accounting period. [ Reversing entries are used in order to avoid the double counting of revenues or expenses and to allow for the efficient processing of documents. Reversing entries are most often used with accrual-type adjusting entries. ]
sunny4691|Points 1256|

User: What is closing entries?

Weegy: The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.
yumdrea|Points 8495|

User: Are reversing entries made in a general journal?

Weegy: Reversing entries are made in the general journal.
innersource|Points 7713|

User: Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called

Question

Asked 6/9/2014 12:08:19 PM

Updated 6/9/2014 2:52:40 PM

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Flagged by yumdrea [6/9/2014 2:52:40 PM]

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yumdrea

An Income statement is a financial statement that measures a company's financial performance over a specific accounting period.

Added 6/9/2014 2:52:18 PM

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