Intermediate Accounting I Quiz 4

Intermediate Accounting I Quiz 4 - Intermediate Accounting...

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Quiz # 4 date Name On a multiple-step income statement, gains or losses on sale of equipment would be shown 1. a. before gross profit on sales. 2. b. after gross profit on sales but before income from continuing operations. 3. c. after income from continuing operations but before income from extraordinary items. 4. d. after income before extraordinary items but before net income. The normal ordering of items in the income statement would be best illustrated by which of the following? 5. a. Extraordinary items, cumulative effects, income from continuing operations, discontinued operations, net income 6. b. Income from continuing operations, discontinued operations, extraordinary items, cumulative effects, net income 7. c. Income from continuing operations, extraordinary items, cumulative effects, discontinued operations, net income 8. d. Discontinued operations, income from continuing operations, extraordinary items, cumulative effects, net income A single-step income statement is a format that a. compares the current year’s income with last year’s income. 9. b. recognizes subtotals at intermediate stages such as gross margin. 10. c. combines revenues and gains and subtracts from them expenses and losses, resulting in income from operations. 11. d. reports sales revenue, cost of goods sold, gross margin, and all other expenses. A flood destroyed the home office building of a company located in Charleston, South Carolina. This should be reported as a(n) 12. a. extraordinary loss. 13. b. prior period adjustment. 14.
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Intermediate Accounting I Quiz 4 - Intermediate Accounting...

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