Examples Of Income Statement Questions And Answers

For example income survey questions can be asked to adults only and not students.

Examples of income statement questions and answers. Single step income statement. Get help with your income statement homework. For example personal income or household income etc. Question the following figures were taken from the statements of foreign developers.

A real example of an income statement. Questions and answers balance sheet income statement example 1. Take a look at the p l and then read a break down of it below. For multiple choice and true false questions simply press or click on what you think is the correct answer.

Access the answers to hundreds of income statement questions that are explained in a way that s easy for you to understand. As you can see this example income statement is a single step statement because it only lists expenses in one main category. R1 200 000. R1 400 000 fixed assets land buildings plant equipment.

See below for additional information here is additional background information here are the elimination numbers from the work paper parent ncl total a fair value given up 20 000 000 5 000 000 25 000 000 b book value received 8 400 000 2 100 000 10 500 000. In the absence of information about the date of repayment of a liability then it may be assumed. The following trial balance is prepared after preparation of income statement for f. Choose your answers to the questions and click next to see the next set of questions.

Here is an example of how to prepare an income statement from paul s adjusted trial balance in our earlier accounting cycle examples. Question prepare the income statement statement of retained earnings and balance sheet. Prepare balance sheet for f. R600 000 15 interest current liabilities creditors plus overdraft.

Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. For fill in the blank questions press or click on the blank space provided. Instruct precisely to avoid confusion and to make sure the respondent understands correctly precise instructions should be given while asking these questions. Below is an example of amazon s consolidated statement of operations or income statement for the years ended december 31 2015 2017.

Learn to analyze an income statement in cfi s financial analysis fundamentals. Green as at 31 march 2015. Green as at 31 march 2015 in both horizontal and vertical style. Preparation of balance sheet horizontal and vertical style.

The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business.