Hi please assist f income is earned during a financial year but not yet received, which of thefollowing will be reflected in the financial statements?KD A. Income and Liabilities will increaseO B. Income and Assets will increaseOC. Income and Liabilities will decreaseO D. Income and Assets will decrease

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Answered: f income is earned during a financial…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 5MC

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When do we use the Income Summary Account? O A. At the beginning of the financial year to close net income/net loss В. At the end of the financial year to close net income/ net loss C. At the end of the financial year to close gain/loss O D. At the beginning of the financial year to close gain/loss
Which should be subtracted from the net income when using the indirectmethod? A. Loss on sale of investmentB. Amortization of patentC. Increase in accounts receivableD. Increase in accounts payable
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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
Which of the following statements is true? A. Tangible assets lack physical substance. B. Tangible assets will be consumed in a year or less. C. Tangible assets have physical substance. D. Tangible assets will be consumed in over a year.
Which of the following is the correct formula for calculating rate of return on total assets? A. (Net income minus− Interest expense) / Average total asset B. Total equity / Total assets C. (Net income + Interest expense) / Average total assets D. (Net income minus− Interest expense) / Total assets
In horizontal analysis, each item is expressed as a percentage of the a. latest year figure. b. net income figure. c. total assets. O d. earliest year figure.
The numerator of the return on total assets is a. net income b. net income plus tax expense c. net income plus interest expense d. net income minus preferred dividends
The resulting amount when total liabilities are subtracted from total assets is known as Select one: O a. Total expenses O b. Net income or net loss Oc. Total revenue O d. Owner's equity
I need help figuring: G. operating profit margin H. Long-term debt ratio (use end of year balance sheet figure) I. Total debt ratio (use end of your balance sheet figures) J. Times interest earn K. Cash coverage ratio L. Current ratio (use end of your balance sheet figures) M. Quick ratio (use end of your balance sheet figures)

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f income is earned during a financial year but not yet received, which of the following will be reflected in the financial statements? KD A. Income and Liabilities will increase O B. Income and Assets will increase KO C. Income and Liabilities will decrease OD. Income and Assets will decrease