Home / Questions / In what category in a classified balance sheet is Mortgage Payable found? A) Plant and E
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.
C) liabilities.
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.
C) contra-revenue.
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.
C) revenues.
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.
Dec 07 2019 View more View Less
Which of the following statements is true of business ethics?a. Ethical behavior can not only enhance a company's reputation but can also drive profits.b. Conducting busi...
May 11 2021Refer to the information provided in Figure below to answer the question that follow, Total utility 15 0 1 2 3 4 Number of movies rented per month Refer to Figure The mov...
Apr 05 2021Aspens is preparing a bond offering with an 8% coupon rate. The bonds will be repaid in 10 years. The company plans to issue the bonds at par value and pay interest semia...
May 10 2020Discuss the financial crisis of 2008, paying particular attention to the role of the financial system, and the causes and consequences of systemic risk.
Apr 05 2021You have received your investment portfolio year-end statement from your broker, Rich Waldman. All investments were purchase at the January prices and held the entire yea...
Apr 23 2020Collar E slides toward point A with a constant relative speed of 3m/s along rod AB which rotates counterclockwise with a constant lar velocity of 15 radis. At the instant...
May 05 2020Question 3: (15 points). (Related to Checkpoint 11.2) (Equivalent annual cost calculation) Barry Boswell is a financial analyst for Dossman Metal Works, Inc. and he is an...
Aug 30 2020Why was the period after the War of 1812 called the “Era of good feelings?”
Apr 19 2021Why is it usually necessary to use the time value of money when performing a cost benefit analysis? A) For an investment project to be considered, costs must have a hig...
Apr 22 20211. Calculate the annual compound growth rate of the house price during the period when the house was owned by Robert G. Goldstein (since 2007). (Round the number of years...
Aug 15 2020