Question

Question 23 0.4 pts Which of these items is most likely to appear on a balance sheet? Operating Profit Accounts Payable Cost of Goods Sold Earnings per Share

Answer 1

1) Answer = B ( Accounts payable )
Explanation :
accounts payable is shown in balance sheet as a current liabilities
so, accounts Payables is mostly likely to appear on a balance sheet
where as operating profit , cost of goods sold and earning per share
is shown in income statement
2) Answer = $ D ( $ 360,000 )
Explanation :
calculation of gross profit :
sales	$ 1,000,000
less: cost of goods sold	($ 640,000)
Gross profit	$ 360,000
here sales/general/ administrative (SG&A)expenses = 150,000,
interest expense = $ 50,000 and taxes = $ 75,000 are irrelevant for
calculation for gross profit
3) Answer = A ( owner's equity over a period of time ) ( i.e quarterly or annual )
A balance sheet is a statement of a company's financial position . It reveals the
company's assets , liabilities and owners equity .
here financial statement include company's balance sheet , income statement
and cash flow statement