How Many of the Following Items Are Found on the Income

question 73

Multiple Choice

How many of the following items are found on the income statement, rather than the balance sheet? •Sales
•Notes payable (due in six months
•Bonds payable (mature in 10 years
•Common stock
•Depreciation expense
•Inventories
•Capital in excess of par value
•Net income (earnings after taxes)
•Income tax payable

• A) Two of these items are found on the income statement.
• B) Three of these items are found on the income statement.
• C) Four of these items are found on the income statement.
• D) Five of these items are found on the income statement.

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Definitions:

Bankruptcy Petition

A formal request filed by an individual or corporation declaring inability to pay debts, seeking relief through bankruptcy court.

Means Test

A financial analysis used to determine an individual's eligibility for certain types of social assistance or legal aid based on their income.

Unsecured Claims

Claims or debts that have no specific assets pledged as collateral in case of default or bankruptcy.

Chapter 12

A subset of bankruptcy proceedings designed specifically for family farmers and fisherman to restructure their finances and avoid liquidation or foreclosure.