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What statement summarizes the results of the company's operations?
The income statement summarizes the results of the company's operations.
Income from operations appears on what?
multi-step statement
What income statement figures would probably be the best indicator of a compay's future performance?
Income from operations.
What subtotals appear on multi step income statement but not on single step income statement?
Detail information of how cost of goods sold is calculated is provided in multi step income statement while it is not provided in single step statement.
Which of the following income statement figures would probably be the best indicator of a company's future performance?
Income from operations.
Taxi Service Business Plan projections of income?
The Projections of Income should be done weekly,this will determie the mothly income then leading to yearly income
Where does other or rent revenue go on the income statement?
Other or rent revenue is also revenue which is not from basic operations of business that's why this revenue is shown as other revenue in income statement.
What are financial reports that summarize the financial condition and operations of a business?
Financial statements are financial reports which summarize the financial condition and operations of a business. Included in a financial statement are a balance sheet, income statement, and also a cash flow statement.
What is prepared first is it cash flow statement or balance sheet and income statement?
The Income Statement must be prepared first because the Current Profit or Loss (from the Income Statement) is needed in the Equity section of the Balance Sheet to make it balance. Also, the current profit or loss is the starting point to calculate Cash from Operations needed for the Cash Flow Statement.
What are expenses on the income statement?
expenses are those amounts the benefit of which has already taken by company in normal operations of business.
Is it true to arrive at cash flows from operations it is necessary to convert the income statement from an accrual basis to the cash basis of accounting?
no
How do you do Income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
