Select the best order for the following items in the income statement: 1. Income from continuing operations 2. Discontinued operations 3. Prior-period adjustments due to errors 4. Taxes on income from continuing operations 5. Dividends 6. Net Income 7. Revenues 8. Expenses 9. Income from continuing operations before income tax O 7-5-6-1-4 7-8-9-4-1-2-6 8-9-7-6-5-1-3 8-9-7-5-2-1-3

Select the best order for the following items in the income statement: 1. Income from continuing operations 2. Discontinued operations 3. Prior-period adjustments due to errors 4. Taxes on income from continuing operations 5. Dividends 6. Net Income 7. Revenues 8. Expenses 9. Income from continuing operations before income tax O 7-5-6-1-4 7-8-9-4-1-2-6 8-9-7-6-5-1-3 8-9-7-5-2-1-3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Completing the Income Statement columns and preparing closing entries P1 P2 Following are Income Statement columns from a 10-column work sheet for Brown's Bike Rental Company. 1. Determine the amount that should be entered on the net income line of the work sheet. 2. Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period. Account Title Rental revenue Salaries expense Insurance expense Supplies expense Bike repair expense Depreciation expense-Bikes Totals Net income Totals Debit $46,300 7,400 16,000 4,200 20,500 Credit $120,000
It is added to income received to determine the total income for the yearthat is recorded under the accrual basis of accounting A. deferred income - endB. prepaid expense - begC. accrued income - begD. deferred income - beg
What is the purpose of arranging an income statement toshow subtotals for income from continuing operations andincome before extraordinary items?
Failure to record the typical balance day adjustment to the Unearned Revenue account would: Select one: a. result in Liabilities being overstated. b. result in Assets being overstated. c. result in Revenues being overstated. O d. result in Net Profit being overstated.
What is total assets on this company's balance sheet? What is total current liabilities on this company's balance sheet? What is the correct order for the current liabilities section of the balance sheet? a. Accounts payable, payments to suppliers, deferred revenue, income tax payable b. Bank loan payable, Income tax payable, Accounts payable, Deferred revenue c. Accounts payable, Income tax payable, Payments to suppliers d. Accounts payable, Deferred revenue, Income tax payable e. Accounts payable, Income tax payable Enter the letter that corresponds to your choice. (A B C D E) What is total liabilities on this company's balance sheet? What is total equity on this company's balance sheet? What is the correct order for the equity section of the balance sheet? a. Owners' Capital, Retained earnings b. Retained earnings, Owners' capital c. Retained earnings, Owners' capital, Profit d. Retained earnings, Profit, Owners' capital e.…
What is reported in the discontinued operations section of the income statement?
On the multiple-step income statement, which of the following would be the least likely to be found in the section often described as "Other Revenues and Expenses" (or "Other Income and Losses)? a. Dividend revenue b. Interest expense c. Gains or losses on the sale of a long-term asset d. Interest revenue e. Income tax expense
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Which of the following expenses is usually listed last on the income statement? a. Advertising expense b. Income tax expense c. Salaries and benefits expense d. Cost of sales
Sales Returns and Allowances account is report it like a. contra-revenue account on the income statement. b. current liability on the balance sheet. c. deduction from accounts receivable on the balance sheet. d. selling expense on the income statement.
How are discontinued operations reported in the income statement?
What is the order of the subtotals that appear on a multi-step income statement? a. Gross Profit, Operating Income, Net Income, Total Other Revenues and Expenses b. Operating Income, Gross Profit, Net Income, Total Other Revenues and Expenses c. Total Other Revenues and Expenses, Operating Income, Gross Profit, Net Income d. Gross Profit, Operating Income, Total Other Revenues and Expenses, Net Income