Statement of results of operations.
Quiz by Fiel Martinez
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9 questions
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- Q1A revenue transaction results in all of the following except:An increase in assetsAn increase in shareholders' equityAn increase in liabilitiesA positive cash flows in either the past, present or future30s
- Q2An income statement communicates information regarding revenues and expenses:At a given point in timeFor a period of timeAt the beginning of the fiscal yearFor some point of time in thr future30s
- Q3Byrone Co. has the following transactions during the month of August 2020 • Cash received from bank loans P 5,000.00 • Dividends of P 2,000.00 were paid to shareholders in cash • Revenue earned and received in cash amounted to P 4,500.00 • Expenses incurred and paid were P 2,500.00 What amount of net income will be reported in income statement for the month of August 2020? (Use comma and 2 decimal points)Users enter free textType an Answer300s
- Q4Royal Power Inc, had a P 285,000.00 sales revenue during the year, of the total sales, 4% were returned to the company. Cost of goods sold totaled P 92,000.00. Other expenses for the year were: • Rent P 18,000.00 • Salaries P 26,500.00 • Advertising P 8,500.00 • Utilities P 2,400.00 Compute for the net sales. (use comma and 2 decimal points)Users enter free textType an Answer300s
- Q5Royal Power Inc, had a P 285,000.00 sales revenue during the year, of the total sales, 4% were returned to the company. Cost of goods sold totaled P 92,000.00. Other expenses for the year were: • Rent P 18,000.00 • Salaries P 26,500.00 • Advertising P 8,500.00 • Utilities P 2,400.00 Compute for the gross pofit. (use comma and 2 decimal points)Users enter free textType an Answer300s
- Q6Royal Power Inc, had a P 285,000.00 sales revenue during the year, of the total sales, 4% were returned to the company. Cost of goods sold totaled P 92,000.00. Other expenses for the year were: • Rent P 18,000.00 • Salaries P 26,500.00 • Advertising P 8,500.00 • Utilities P 2,400.00 Compute for the total operating expense. (use comma and 2 decimal points)Users enter free textType an Answer300s
- Q7Royal Power Inc, had a P 285,000.00 sales revenue during the year, of the total sales, 4% were returned to the company. Cost of goods sold totaled P 92,000.00. Other expenses for the year were: • Rent P 18,000.00 • Salaries P 26,500.00 • Advertising P 8,500.00 • Utilities P 2,400.00 Compute for the operating income. (use comma and 2 decimal points)Users enter free textType an Answer300s
- Q8These are inflows of assets to an entity from delivering or producing goods, rendering services or carrying out other activities.Users enter free textType an Answer300s
- Q9These are outflows of assets arising from delivering or producing goods. rendering services or carrying out other activities.Users enter free textType an Answer300s