In what category in a classified balance sheet is Mortgage Payable found?
A) Plant and Equipment
B) Current Liabilities
C) Long-term Liabilities
D) Both B and C are correct.
42) The correct worksheet columns to use for preparing the income statement are the
A) adjustments columns.
B) income statement columns.
C) adjusted trial balance columns.
D) trial balance columns.
43) The difference between net purchases and net cost of purchases is
A) sales returns and allowances is added.
B) freight-in is added to net purchases to get net cost of purchases.
C) freight-in is subtracted from net purchases to get net cost of purchases.
D) ending inventory is subtracted.
44) To calculate gross profit,
A) subtract Freight-In from net purchases.
B) subtract ending inventory from cost of goods available for sale.
C) subtract cost of goods sold from net sales.
D) add freight to net purchases.
45) Net purchases plus freight-in is
A) gross profit.
B) net cost of purchases.
C) gross purchases.
D) cost of goods sold.
46) The income statement lists regular business expenses under the heading
A) current expenses.
B) operating debts.
D) operating expenses.
47) Goods available for sale include
A) ending inventory.
B) sales returns and allowances.
C) beginning inventory.
D) selling expenses.
48) A merchandise company's interest expense is a(n)
A) selling expense.
B) administrative expense.
D) other expense.
49) Rental income earned by a merchandise company is
A) included in gross sales.
B) added to gross profit.
C) other income.
D) subtracted from administrative expenses.
50) A classified balance sheet includes all of the following EXCEPT
A) current assets.
B) plant and equipment.
D) current liabilities.
51) Current assets are
A) cash and other assets that will not be used during the year.
B) cash and other assets that will be used during the year.
C) cash and other assets that will be converted or consumed during the normal operating cycle of the company or one year, whichever is longer.
D) cash and assets that will be converted or consumed during the normal operating cycle or one year, whichever is shorter.
52) Plant and equipment are
A) liabilities used to generate net income.
B) cash and accounts receivable.
C) long-lived assets used in the production or sales of goods or services.
D) cash and assets that will be converted or used during the normal operating cycle of the company or one year, whichever is longer.
53) Which of the following is NOT under the heading Plant and Equipment on a classified balance sheet?
A) Store Equipment
B) Office Machines
C) Accumulated Amortization on Office Machines
D) Office Supplies
54) Accounts payable is a(n)
A) current liability.
B) long-term liability.
C) current asset.
D) operating expense.
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