QUIZ Ch4Q - ACCT251 Intermediate Accounting I Chapter 4...

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ACCT251 Intermediate Accounting I Chapter 4 Quiz Name_________________________________ 1. A company is not required to report a per share amount on the face of the income statement for which of the following items? a. Net income b. Prior period adjustment c. Extraordinary item d. Discontinued operations 2. Which of the following is included in comprehensive income? a. Investments by owners. b. Unrealized gains on available-for-sale securities. c. Distributions to owners. d. Changes in accounting principles. 3. Ortiz Co. had the following account balances: Sales $ 120,000 Cost of goods sold 60,000 Salary expense 10,000 Depreciation expense 20,000 Dividend revenue 4,000 Utilities expense 8,000 Rental revenue 20,000 Interest expense 12,000 Sales returns 11,000 Advertising expense 13,000 What would Ortiz report as total revenues in a single-step income statement? a. $133,000 b. $ 10,000 c. $144,000 d. $120,000
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QUIZ Ch4Q - ACCT251 Intermediate Accounting I Chapter 4...

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