The basic format of an income statement is
A) Assets - Liabilities = Profits. B) Income - Expenses = EBIT.
C) Sales - Liabilities = Profits. D) Sales - Expenses = Profits.
D
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What is the net cash provided by financing activities?
Oklahoma Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2018: 1. Long-Term Notes Payable, beginning balance, $85,000 2. Long-Term Notes Payable, ending balance, $75,000 3. Common Stock, beginning balance, $3000 4. Common Stock, ending balance, $28,000 5. Retained Earnings, beginning balance, $76,000 6. Retained Earnings, ending balance, $118,000 7. Treasury Stock, beginning balance, $5500 8. Treasury Stock, ending balance, $10,100 9. No stock was retired. 10. No treasury stock was sold. 11. During 2018, the company repaid $35,000 of long-term notes payable. 12. During 2018, the company borrowed $25,000 on new long-term notes payable. 13. Net income for the year was $49,000. 14. Assume all dividends declared during the year were paid. A) $20,400 B) $13,400 C) ($10,000) D) $3400
Under U.S. GAAP, Wheaton recognizes
a. no impairment loss. b. an impairment loss of $17.8 million. c. an impairment loss of $19.0 million. d. an impairment loss of $18.7 million. e. an impairment loss of $30.0 million.
The provisions of U.S. GAAP require firms to classify marketable securities into which categories?
a. Debt securities held to maturity for which a firm has both the intent and the ability to hold to maturity—shown on the balance sheet at an amount based on acquisition cost, but subject to impairment. b. Debt and equity securities held as trading securities shown on the balance sheet at fair value, with changes in fair value of securities held at the end of the accounting period reported each period in net income. c. Debt and equity securities held as securities available-for-sale shown on the balance sheet at fair value, with unrealized changes in fair value of securities held at the end of the accounting period included in other comprehensive income, and realized changes in fair value included in net income when a firm sells the securities. d. all of the above e. choices a and b, only.
Sunil has written you requesting information of the PS3 video game console. Your reply is:
a. an unsolicited sales message. b. a solicited sales message. c. a routine claim. d. a request for proposal.