5.  Consider all the effects of transactions on question numbers 2 and 4 on Gucci.  What is the net income or net loss?*a. Net loss of P35,000b. Net income of P50,000c. Net income of P15,000d. cannot be determined from the given data

Net income or loss is: Multiple choice question.all revenue minus all expenses and taxesis net sales minus cost of goods soldis operating expenses minus taxesis gross profit plus operating expenses and taxes

4.  Assume Gucci paid expenses totaling P35,000. How does this transaction affect Gucci's accounting equation?*a. Decreases both assetsf and owner's equityb. Decreases assets and increases liabilitiesc. Increases both assets and owner's equityd. increases assets and decrease liabilities

If __ is negative, the __ stock has decreased, and vice versa.Multiple choice question.gross investment; capitalcapital; capitalnet investment; capitalcapital; net investment

Net income is ______.Multiple choice question.is operating expenses minus taxesis gross profit plus operating expenses and taxesall revenue minus all expenses and taxesis net sales minus cost of goods sold

Identify the different names given to the income statement.Define each of the following terms and, where relevant, write down the mathematical equation that would help in calculating the figure.SalesCost of goods soldGross profitNet profitCalculate the cost of goods sold (COGS), given the following information:  $Sales 700 000Stock (opening) 100 000Purchases of stock 400 000Closing stock 50 000Using the figures from question 3, calculate gross profit.Using your workings from questions 3 and 4, calculate the value of net profit (or loss) if expenses for the period totalled $80 000.Anita Toparis owns and operates Petal’s Florist. Last year Anita had a sales revenue of $285 000. Her cost of goods sold totalled $115 000. Her operating expenses were: electricity $5000, advertising $11 000, interest charges $5000, salaries $62 000 and rent $25 000. Construct an income statement (statement of financial performance) for Anita and tell her whether she has made a net profit.Distinguish between selling, administrative and financial expenses, giving examples for each.Explain how an income statement can provide useful information to a business and its stakeholders.