1) Receivables resulting from sales transactions, whether on a note or open account, are often called:

Trade receivables.

Other receivables.

Express receivables.

Pending receivables.

2) Financial information is presented below: Operating expenses $ 35,000 Net sales 355,500 Interest revenue 19,000 Interest expense 11,500 Loss on sale of equipment 2,000 Income tax expense 48,530 Cost of goods sold 115,000

The amount of income from operations on the multiple-step income statement would be:

$5,500

$162,470

$211,000

$205,500