Use the Following Information for Questions

question 23

Multiple Choice

Use the following information for questions.
Sesame Corp.'s adjusted trial balance at December 31, 2017 included the following: Sesame uses the perpetual system, and their income tax rate is 30%.
-On Sesame's multiple-step income statement for 2017, income from continuing operations is

• A)$17,500.
• B)$52,800.
• C)$24,500.
• D)$26,600.

---

Definitions:

Total Assets

The sum of all resources owned by a company as reflected on the balance sheet, including both current and non-current assets.

Accumulated Depreciation

Accumulated depreciation represents the total depreciation expense assigned to a fixed asset over its useful life, reducing its book value.

Investments

Assets purchased with the expectation that they will generate income or appreciate in the future.

Owner's Equity

Refers to the residual interest in the assets of a company after deducting liabilities, representing the ownership interest.