Solved

Partial Income Statements of Company a and Company B Are

question 135

Multiple Choice

Partial income statements of Company A and Company B are provided below: Company A
$\begin{array} { | l | r | r | } \hline \text { Revenue } & & \$ 80,000 \\\hline \text { Expenses: } & & \\\hline \text { Utilities Expense } & \$ 5,000 & \\\hline \text { Salaries Expense } & 15,000 & \\\hline \text { Rent Expense } & \underline { 3,700 } & \\\hline \text { Total Expenses } & & \underline { 23,700 } \\\hline \text { Operating Income } & & \$ 56,300 \\\hline\end{array}$ Company B
$\begin{array} { | l | r | r | } \hline \text { Revenue } & & \$ 50,000 \\\hline \text { Cost of Goods Sold: } & & \\\hline \text { Beginning Merchandise Inventory } & \$ 4,000 & \\\hline \text { Purchases and Freight In } & 23,000 & \\\hline \text { Cost of Goods Available for Sale } & 27,000 & \\\hline \text { Ending Merchandise Inventory } & \underline { ( 5,500 } & \\\hline \text { Cost of Goods Sold } & & \underline { 21,500 } \\\hline \text { Gross Profit } & & \$ 28,500 \\\hline\end{array}$ Which of the following statements is TRUE?

Identify the mechanisms through which media frames and organizes information.

Understand the differential impact of media content across various demographics and social groups.

Understand the accounting treatment of contingent considerations in business combinations.

Differentiate between various consolidation methods used in preparing consolidated financial statements.

Definitions:

Heavily Subsidized

This term applies to products or services offered at a significant discount, often by a government or organization, to encourage usage or accessibility.

Parental Stress

The experience of distress or anxiety felt by parents due to the pressures and demands of parenting.

Healthy Response

A reaction or adjustment that demonstrates mental, emotional, or physical well-being.

Emerging Sense

The developing perception or realization of new insights, feelings, or states of awareness in an individual.