MILESTONE
23/25
23/25 that's 92% RETAKE
23 questions were answered correctly.
2 questions were answered incorrectly.
1
●
Which of the assets below CANNOT depreciate?
Two all-terrain vehicles
●
Two cabins
●
Two chainsaws
●
Two acres of land
CONCEPT
→ Depreciation
2
●
Which of the following statements is true for a multi-step
income statement?
, MILESTONE
Shows a higher net income
●
23/25
Has subtotals for gross profit and
operating income
Includes temporary and
● permanent accounts
Shows the amount of equity
●
CONCEPT
→ Preparing Income Statements
3
●
Cost of Goods Sold
Beginning Inventory $63,000
Add: Purchases $25,000
Less: Purchase Discounts $2,500
Purchase Returns and
$1,500
Allowances
Net Purchases $21,000
Freight-in $8,000
Cost of Goods Purchased $29,000
Goods Available for Sale
Less: Ending Inventory
Total Cost of Goods Sold
Based on the information in this portion of an expanded income
, statement, what is the total of the Goods Available for Sale?
MILESTONE
$104,000 23/25
●
$138,000
●
$92,000
$167,000
●
CONCEPT
→ Expanded Income Statement
4
●
Consider the following information:
Cash = $6,000
Beginning Balance = $200,000
Capital added = $15,000
Revenues = $10,000
Expenses = $5,000
Net Income = $56,000
Owner’s Withdrawals = $60,000
What is the ending balance on the Statement of Changes in
Owner's Equity for this data?
$221,000
●
23/25
23/25 that's 92% RETAKE
23 questions were answered correctly.
2 questions were answered incorrectly.
1
●
Which of the assets below CANNOT depreciate?
Two all-terrain vehicles
●
Two cabins
●
Two chainsaws
●
Two acres of land
CONCEPT
→ Depreciation
2
●
Which of the following statements is true for a multi-step
income statement?
, MILESTONE
Shows a higher net income
●
23/25
Has subtotals for gross profit and
operating income
Includes temporary and
● permanent accounts
Shows the amount of equity
●
CONCEPT
→ Preparing Income Statements
3
●
Cost of Goods Sold
Beginning Inventory $63,000
Add: Purchases $25,000
Less: Purchase Discounts $2,500
Purchase Returns and
$1,500
Allowances
Net Purchases $21,000
Freight-in $8,000
Cost of Goods Purchased $29,000
Goods Available for Sale
Less: Ending Inventory
Total Cost of Goods Sold
Based on the information in this portion of an expanded income
, statement, what is the total of the Goods Available for Sale?
MILESTONE
$104,000 23/25
●
$138,000
●
$92,000
$167,000
●
CONCEPT
→ Expanded Income Statement
4
●
Consider the following information:
Cash = $6,000
Beginning Balance = $200,000
Capital added = $15,000
Revenues = $10,000
Expenses = $5,000
Net Income = $56,000
Owner’s Withdrawals = $60,000
What is the ending balance on the Statement of Changes in
Owner's Equity for this data?
$221,000
●
