{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

quiz ch 4 - Questi on 1 Selected Answer 5 out of 5 points...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Questi on 1 5 out of 5 points Which of the following is an example of managing earnings down? Selected Answer:
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Question 2 5 out of 5 points The major elements of the income statement are Selected Answer: revenues, expenses, gains, and losses. Question 3 5 out of 5 points Which of the following is an advantage of the single-step income statement over the multiple-step income statement? Selected Answer: Question 4 5 out of 5 points Gross billings for merchandise sold by Lang Company to its customers last year amounted to $15,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-out was $140,000. Net sales last year for Lang Company were Selected Answer: 15,175,000 Question 5 5 out of 5 points
Image of page 2
The following items were among those that were reported on Dye Co.'s income statement for the year ended December 31, 2010: Legal and audit fees $130,000 Rent for office space 180,000 Interest on inventory floor plan 210,000 Loss on abandoned equipment used in operations 35,000 The office space is used equally by Dye's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in Dye's multiple-step income statement?
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern