Q -1 Other comprehensive income A. includes extraordinary gains and losses. B. affects earnings per share. C. includes unrealized gains and losses on available-for-sale investments. D. has no effect on income tax. Q-2 Use the following data of TortoiseTortoise Sales, Inc.: � � � � Unit Total Units � � Units Cost Cost Sold Beginning inventory 16 � $3 � $48 � Purchase on Apr 25 25 � 6 � 150 � Purchase on Nov 16 11 � 8 � 88 � Sales 40 � ? � ? � Tortoise Sales’ average cost of ending inventory is An auditor report by independent accountants A. gives investors assurance that the company’s stock is a safe investment. B. is ultimately the responsibility of the management of the client company. C. ensures that the financial statements are error-free. D. gives investors assurance that the company’s financial statements conform to GAAP. Use the following data of SeasideSeaside Sales, Inc.: � � � � Unit Total Units � � Units Cost Cost Sold Beginning inventory 18 � $4 � $72 � Purchase on Apr 25 43 � 7 � 301 � Purchase on Nov 16 19 � 10 � 190 � Sales 45 � ? � ? � SeasideSeaside Sales’ LIFO cost of ending inventory would be Use the following data of SeaspraySeaspray Sales, Inc.: � � � � Unit Total Units � � Units Cost Cost Sold Beginning inventory 24 � $7 � $168 Purchase on Apr 25 30 � 8 � 240 � Purchase on Nov 16 14 � 9 � 126 � Sales 50 � ? � ? � SeaspraySeaspray Sales uses a FIFO inventory system. Cost of goods sold for the period is The quality of earnings suggests that A. stockholders want the corporation to earn enough income to be able to pay its debts. B. income from continuing operations is a more relevant predictor of future performance than income from one-time transactions. C. net income is the best measure of the results of operations. D. continuing operations and one-time transactions are of equal importance. Deferred Tax Liability is usually � � Type of Account � Reported on the A. Long-term � Income statement B. Short-term � Statement of stockholders’ equity C. Short-term � Income statement D. Long-term � Balance sheet Which statement is true? A. Discontinued operations are a separate category on the income statement. B. Extraordinary items are combined with continuing operations on the income statement. C. Extraordinary items are part of discontinued operations. Hazard Company had anan $18,000 beginning inventory and aa $25,000 ending inventory. Net sales ere $153,000; purchases, $76,000; purchase returns and allowances, $3,000; and freight in, $9,000. Cost of goods sold for the period is $75,000.What is Hazard gross profit percentage (rounded to the nearest percentage)?
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