Which of the following items need not be reported separately at the bottom of the income statement?
a. Profitability ratios
b. Discontinued operations
c. Extraordinary gains and losses
d. Cumulative effect of a change in accounting principle
a
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Most businesses in the United States are organized as sole proprietorships
Indicate whether the statement is true or false
Fact Pattern 24-2ACommodity Sales Corporation and Resource Purchasing Company enter a contract for a sale of unprocessed silver. Commodity Sales draws a draft unconditionally ordering Resource Purchasing to pay $50,000 to Commodity Sales's order in sixty days. Resource Purchasing signs and dates the draft.Refer to Fact Pattern 24-2A. On this instrument, Commodity Sales is
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Small claims courts are inferior trial courts.?
Indicate whether the statement is true or false