30 times. The income statement quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below. B) recognizes subtotals at intermediate stages such as gross margin. Cost of goods sold was $336,000. Cobalt Co.'s income statement shows Service Revenue of $64,000,Salaries and Wages Expense of $40,000 and net income of $1,600.The other expenses on Cobalt's income statement must equal: A)$22,400. 2. Test your knowledge and understanding of income statements with this A Level Business revision quiz. Is a merchandising company that uses the periodic inventory system. awan_in_23456. Finish the quiz and head over to the related lesson, Preparing the Basic Income Statement and Statement of Retained Earnings. by awan_in_23456. The income statement is also useful in predicting information about future cash flows (e.g., the amounts, timing, and uncertainty of cash flows) based on past performance Quiz 3: Debits and Credits Quiz; Quiz 43: Cash Flow Classification Quiz; Quiz 35: Account Identification Quiz; Quiz 55: Capital or Revenue Expenditure Quiz Salaries expense was $49,000. This lesson covers the following objectives. 15. C) combines revenues and gains and subtracts from them expenses and losses, resulting in income from operations. When an owner draws $5,000 from a sole proprietorship or when a corporation declares and pays a $5,000 dividend, the asset Cash decreases by $5,000. 2. Test your knowledge of the financial statements with multiple choice questions and quizzes. The Income Statement lists a businesses: Income Statement DRAFT. Rent expense was $36,000. Skip to content. Credit sales totaled $479,000. Edit. a year ago. ... income statement cash flow statement statement of retained earnings. Interest income was $7,700. a year ago. The financial statement that summarizes a company's assets, liabilities, and shareholder's equity at a specific point of time is the balance sheet. Finish the quiz and head over to the related lesson preparing the basic income statement and statement of retained earnings. Business. Menu. Interest expense was $19,900. Save. For fill in the blank questions press or click on the blank space provided. Income Statement Practice Formulas: 1) Total Revenue-Cost of Goods Sold = Gross Profit 2) Salaries + The 4 financial statements are balance sheet, income statement, statement of cash flows, and statement of owner's equity. The income statement is useful in determining profitability, value for investment purposes, and credit worthiness. A single-step income statement is a format that A) compares the current year's income with last year's income. The Income Statement lists a businesses: Preview this quiz on Quizizz. University. Edit. Income Statement DRAFT. Income statement practice quiz. Other operating expenses totaled $79,000. View Income Statement Quiz T Shirt Crewz.docx from BUSINESS 4422 at South Plantation High School. 63% average accuracy. Test your knowledge of the financial statements with multiple choice questions and quizzes. This lesson covers the following objectives: Defining financial statements Group: Accounting Accounting Quizzes : Topic: Accounting (As it is earned, it moves from the balance sheet to the income statement as revenue.) B)$24,000. Accounting Topics. Quiz: Income Statement Question 1: Jones Company has provided the following information: Cash sales totaled $255,000. Balance income statement quiz, income statement and statement of owner 's equity Crewz.docx from 4422. Statements with multiple choice questions and quizzes credit worthiness periodic inventory system at intermediate such... 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