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Ferg - Exinfm.com Income Statement Example L8 (15 )

Authored by Lee Ann Ferguson

Life Skills

9th - 12th Grade

Ferg - Exinfm.com Income Statement Example L8 (15 )
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The balances for Income Statement accounts cover:

A specific period of time

Only a year at a time

Only a month at a time

When the time stamp is applied to the report

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which accounts might be listed on the Income Statement?

Sales Revenue

Investment Income

Equipment Expense

Bond Dividends Payable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You have the following: Sales Revenue $98,000, Investment Income $23,500, Utility Expense $5,000. What is the amount of Total Revenue?

$121,500

$116,500

$127,500

$111,500

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You have the following: Advertising Expense $4,900, Administrative Salaries $68,000, Tax Expense $8,300, Investment Income $10,000. What is the total expenses?

$81,200

$91,200

$71,200

$61,200

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You have Sales Revenue $240,800, Investment Income $18,000, Cost of Goods Sold $85,000, Interest Expense $6,400. What is the Net Income?

$167,400

$173,800

$180,200

$161,400

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

TOTAL REVENUES - TOTAL EXPENSES =

Net Income

Gross Income

Net Revenues

Gross Expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What the company earned from sales of products and services is called:

Revenue

Expenses

Assets

Liabilities

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