Multiple Choice Questions (circle the one most appropriate answer)

10.

A correction of an error in prior periods' income will be reported:

In the current income statement Net of tax

A.	Yes Yes
B.	No No
C.	Yes No
D.	No Yes

11.

For Viggo Company, the following information is available:

Cost of goods sold	$340,000
Dividend revenue	30,000
Income tax expense	34,000
Operating expenses	210,000
Sales revenue	690,000

In Viggos multiple-step income statement, gross profit

A.	should NOT be reported.
B.	should be reported at $136,000.
C.	should be reported at $350,000.
D.	should be reported at $380,000.

12.

Benedict Corporation reports the following information::

Net income	$750,000
Dividends on common stock	$210,000
Dividends on preferred stock	$ 90,000
Weighted average common shares outstanding	250,000

Benedict should report earnings per share of

A.	$1.80.
B.	$2.16.
C.	$2.64.
D.	$3.00.