How Many of the Following Items Are Found on the Income

question 113

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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