Comparative Income Statements Consider the following income statement data from the Mono Company: 2019 2018 Sales revenue $600,000 $450,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 60,000 50,000 Income tax expense 4,000 3,000 Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). MONO COMPANY Comparative Income Statements 2019 2018 Increase (Decrease) Percent Change Sales Revenue Answer 0 Answer 0 Answer 0 Answer 0 Cost of Goods Sold Answer 0 Answer 0 Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer 0 Answer 0 Answer Selling Expenses Answer 0 Answer 0 Answer 0 Answer 0 Administrative Expenses Answer 0 Answer 0 Answer 0 Answer 0 Total Answer 0 Answer 0 Answer 0 Answer 0 Income before Income Taxes Answer 0 Answer 0 Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer 0 Answer 0

Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u. s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u. s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u. s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u. s. gaap balances to ifrs.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.