5 Written questions
3 Matching questions
- How do you calculate the net income?
- What is the classification for long-term investment in bonds?
- What is: The excess of net sales over the cost of goods sold.
- a Current Assets
- b Income from operations - Other revenue and expense - income tax expense
- c Gross Profit.
5 Multiple choice questions
- When the goods are transferred from the seller to the buyer.
- 10 days.
- Long-term investments
- liquidity ratio.
5 True/False questions
In a classified balance sheet, assets are usually classified as: → Intangible assets.
What is: Sales less sales returns and allowances and sales discounts. → Net sales.
What is the classification for Income Taxes Payable? → Current Assets
Earnings per share is: → a measure of net income earned on each share of common stock.
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system? → $390,000