11) What is net income generally also referred to as? 12) How is Gross Profit calculated? 13) Land is an example of what type of asset? 14) Given the following information, prepare a balance sheet for Isaiah’s Tool Shed for the year ending December 31, 2012. Common Shares $35,000 Equipment $27,500 Accounts Receivable $11,478 Accounts Payable $29,450 Land $30,000 Inventory $78,311 Prepaid Supplies $7,357 Income Taxes Payable $4,209 Office Computers $11,345 Other PPE $31,446 Accum. Depr. (all) $23,459 Prepaid Insurance $8,250 Cash $65,750 Retained Earnings $179,319

11) What is net income generally also referred to as? 12) How is Gross Profit calculated? 13) Land is an example of what type of asset? 14) Given the following information, prepare a...

11) What is net income generally also referred to as?

12) How is Gross Profit calculated?

13) Land is an example of what type of asset?

14) Given the following information, prepare a balance sheet for Isaiah’s Tool Shed for the year ending December 31, 2012.

May 15, 2022