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Does every adjusting entry have an effect on determining the amount of net income for a period?
Wiki User
∙ 11y ago
Yes it will, because all adjusting entries affect at least one income statement account and one balance sheet account.
Wiki User
∙ 11y ago
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How do you find the net cash provided by operating activities?
Net cash provided by operating activities can be find out by adjusting the net income amount from income statement for non-cash items.
Explain why adjusting entries normally have an effect on both the balance sheet and the income statement?
It will change the numbers that you are using. You will have to go through and make sure everything is matching up.
How do you do adjusting entries?
You adjust the entries by crediting the income and debiting the expenditures.
What factors do you take into account in determining the amount of depreciation?
You need to consider the useful life if the asset. The risidual income you expect to get from selling it on. And whether you are using straight line or reducing balance.
What does adjusting entries affect?
always affectsa balance sheet and an income statement account
What is the Difference between income effect and substitution effect?
Income effect-change in the amount that consumers will buy because their income changed.substitution effect-change in the amount that consumers will buy because they purchase goods instead.substitution effect the change in demand for a good when the relative price between a good and its substitute changes. income effect the change in demand for a good when the income of the consumer change.
The adjusting entry to adjust supplies was omitted at the end of the year This would effect the income statements by having?
expenses understated and therefore net income overstated
Do food stamps and medicaid effect child support?
... affect ... Child support is considered income for purposes of determining eligibility for food stamps [SNAP] and Medicaid. However, receipt of either should have no effect on the amount of one's child support, whether one is the obligor or obligee.
How do you find the net cash provided by operating activities?
Net cash provided by operating activities can be find out by adjusting the net income amount from income statement for non-cash items.
Is the income of a spouse included when determining the amount the biological parent pays for child support?
nope, only takes the mother and fathers income into account. Spouses of the parents are not included
Do adjusting journal entry affect the income statement or balance sheet?
Adjusting entries affect at least one income statementand one balance sheet
Is sporadic income included in determining alimony?
Sporadic income may be considered in determining alimony, but it is generally the average or expected income that is most heavily weighed. If sporadic income significantly impacts the overall financial situation of the parties involved, it may be taken into account when calculating alimony.
What types of income are considered when determining eligibility for senior low income housing?
Types of income considered for determining eligibility for senior low-income housing typically include Social Security benefits, pensions, retirement savings, alimony, and income from part-time or full-time employment. Other sources of income, such as rental income or investments, may also be considered. Each housing program may have specific income limits and guidelines for eligibility.
Is it microeconomics or macroeconomics the effect of higher income taxes on total amount of consumer spending?
microeconomics
Does severance pay count as earned income in determining unemployment compensation in Pennsylvania?
If the amount is reported on the W-2 form in box 1 yes.
Explain why adjusting entries normally have an effect on both the balance sheet and the income statement?
It will change the numbers that you are using. You will have to go through and make sure everything is matching up.
How does the income effect explain the change in quantity demanded that takes place when the price goes down?
the income effect is the increase in real income you get from a drop in prices, the real income increases because you can buy more goods with the same amount of income. This is different from the substitution effect which shows this effect by you buying more of the good because it is relatively cheaper than another good, so you are substituting the expensive good in favor of the cheaper one.
