Use This Information to Answer the Following Question If the Income Statement Were Prepared in a Multistep Form,gross

question 165

Multiple Choice

Use this information to answer the following question. $\begin{array}{c} \text {Alcorn \& Zeto Company}\\ \text { Income Statement}\\\text {For the Year Ended December 31, 2010}\\\begin{array}{llr} \text { Revenues} &\\ \text {Net sales } &\$100,000\\ \text {Dividend income }& 8,750\\ \text { Total revenues } &&\$108,750\\\text { Costs and expenses } & \\\text { Costs of goods sold } & \$ 29,000 \\\text { Selling expenses } & 10,000 \\\text { General and administrative expenses } & 13,750 \\\text { Interest expense } & 6,250 \\ \text { Total costs and expenses } && 59,0000 \\\text { Income before income taxes } && \$ 49,750 \\\text { Income taxes } && 19,500 \\\text { Net income } && \$ 30,250 \\\end{array}\end{array}$
If the income statement were prepared in a multistep form,gross margin from sales would be

• A) $79,750.
• B) $76,000.
• C) $71,000.
• D) $86,000.

Understand the concept of brain lateralization and its effects on cognition and behavior.

Learn about the importance of the corpus callosum in connecting the cerebral hemispheres and facilitating interhemispheric communication.

Recognize the role of association areas in integrating sensory inputs and directing motor outputs.

Understand the roles and functions of the nervous system.

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Definitions:

Erosion

In finance, erosion refers to the gradual reduction of assets, earnings, or investment value over time.

Future Cash Flows

Predicted income or expenses expected to be generated or incurred in the future.

Present Value

Present value is a financial concept that calculates the current worth of a future sum of money or stream of cash flows given a specified rate of return.

Effective Annual Costs

The true cost of borrowing on an annual basis, including any fees or additional costs associated with the transaction.