Llustrate your understanding of how to use the adjusted trial balance to prepare an income statement by completing the following sentence.
In order to prepare an income statement using the account balances on an adjusted trial balance, all of the (revenues / liabilities) and their credit balances are transferred to the income statement as well as all of the (expenses/assets) and their (debit/credit) balances.

The gomez company, a merchandising firm, has budgeted its activity for december according to the following information: • sales at $500,000, all for cash. • merchandise inventory on november 30 was $250,000. • the cash balance at december 1 was $20,000. • selling and administrative expenses are budgeted at $50,000 for december and are paid for in cash. • budgeted depreciation for december is $30,000. • the planned merchandise inventory on december 31 is $260,000. • the cost of goods sold represents 75% of the selling price. • all purchases are paid for in cash. the budgeted cash disbursements for december are:

Costs of production that do not change when output changes.question 17 options: total revenuefixed incometotal costfixed cost

rural residential development company and suburban real estate corporation form a joint stock company. the longest duration a joint stock company can be formed for is