2. The multiple-step income statement Group of answer choices is

never used in practice.

categorizes based on total revenues and total expenses.

has a different net income than the single-step income statement.

lists the various components of income from continuing operations and nonoperations.

3. Big Dairy Corp had a net income of $65,000. In addition, selected accounts showed the following changes: Accounts Receivable $ 3,000 increase; Accounts Payable $ 1,000 increase; Sale of Building $ 4,000 increase; Depreciation Expense $ 1,400 increase; Dividends Paid $ 8,000 increase. What was the amount of cash provided by operating activities? Group of answer choices

$61,600

$63,600

$57,600

$54,500

4. Which of the following account titles would go under the asset: long-term investments section of the balance sheet? Group of answer choices

Debt investment due in 18 months

Trademark

Cash equivalent

Trading securities

Answer rating: 100% (QA)

2 Multi step income statement a never used in practice this is incorrect as multi step income statem... View the full answer