Financial Accounting > QUESTIONS & ANSWERS > ACCT 625 Ch04 TB University of Washington, Tacoma ACCT 625 . (All)
ACCT 625 Ch04 TB University of Washington, Tacoma ACCT 625 .
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CHAPTER 4 MULTIPLE CHOICE 1. Gross profit is the difference between: a. net income and operating income b. revenues and expenses c. sales and cost of goods sold d. income from continuing operati... ons and discontinued operations e. gross sales and sales discounts ANS: C 2. Which of the following would be included in operating income? a. interest income for a manufacturing firm b. rent income for a leasing subsidiary c. gain from sale of marketable securities for a retailer d. dividend income for a service firm e. none of the answers are correct ANS: B 3. The following relate to Data Original in 2010. What is the ending inventory? Purchases $540,000 Beginning Inventory 80,000 Purchase Returns 10,000 Sales 800,000 Cost of Goods Sold 490,000 a. $120,000 b. $140,000 c. $210,000 d. $260,000 e. none of the answers are correct ANS: A [Show More]
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