If Philis creating a document for his company that shows net income and owner's draws from 2011-2012, which of the following kinds of documents is Phil preparing?

Statement of changes in owner's equity
Trint balance sheet
Income statement
Balance shoot

Expert Solution

Answer: statement of changes in owner's equity

Format:

Company name
Statement of Changes in Equity
For year ended
Beg Capital		XXXX
Add: net income		XXXX
Less: Withdrawals by owner		(XXX)
End Capital		XXXX

ekkarill92 answered 3 years ago

Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales...

Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 64,000 58,000 Income tax expense 11,800 9,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Common-Size Income Statements (Percent of Sales Revenue) 2013 2012 Sales Revenue Answer Answer Cost of Goods Sold Answer Answer AnswerGross Profit on...

1. Which of the following would be subtracted from net income using the indirect method? A....

1. Which of the following would be subtracted from net income using the indirect method? A. loss on sale of equipment. B. a decrease in accounts payable. C. an increase in long-term investments D. depreciation expense 2. The acquisition of land by issuing common stock is A. a cash transaction that is reported in the investing section in the body of the statement of cash flows. B. a noncash transaction that is disclosed in a supplementary schedule attached to the...

Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method

19. Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method? a depreciation expense b. gain on sale of land c a loss on the sale of equipment d dividends declared and paid 20. Which of the following below increases cash? a depreciation expense b. acquisition of treasury stock c. borrowing money by issuing a six-month note d. the declaration of a cash dividend 21. Which one of the following...

22. Assuming a company has net income, which of the following statements is TRUE regarding the...

22. Assuming a company has net income, which of the following statements is TRUE regarding the contribution margin per unit? a. It will decrease as the number of units sold increases. b. It will decrease as the number of units sold decreases. c. It indicates the amount that net income will increase with the sale of each additional unit. d. It indicates the amount that variable costs will decrease with the sale of each additional unit. 46 What combination of...

Consider the following data for November 2012 from Gray Manufacturing Company, which makes silk pennants and...

Consider the following data for November 2012 from Gray Manufacturing Company, which makes silk pennants and uses a process- costing system. All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. Gray Manufacturing Company uses the FIFO method. Physical units Direct Conversion (Pennants) Materials Costs Work in process, November 1[a] 1000 $1,423 $1,110 Started in November 2012 ? Good units...

1. Which of the following line items below is present in both the multistep income statement and an income statement in which expenses are simply subtracted from revenues to arrive at net income?

1. Which of the following line items below is present in both the multistep income statement and an income statement in which expenses are simply subtracted from revenues to arrive at net income?Multiple ChoiceA. Income before income tax expenseB. Income from operationsC. Net incomeD. Gross profit2. Which of the following would be added to the ending cash balance per bank when performing a bank reconciliation?Multiple ChoiceA. Electronic fund transfersB. Service chargesC. NSF checksD. Deposits in transit3. On October 10, a...

Question