what is correct answer

61) In what category in a classified balance sheet is Mortgage Payable found? A) Plant and Equipment 5) Current Liabilities G Long-term Liabilities D) Both B and Care correct. 62) The correct worksheet columns to use for preparing the income statement are the A) adjustments columns. Dy income statement columns. CJ adjusted trial balance columns, D) trial balance columns. 63) To calculate gross profit, A) subtract Freight-In from net purchases. B) subtract ending inventory from cost of goods available for sale. C) subtract cost of goods sold from net sales. Dy add fright to net purchases 64) The income statement lists regular business expenses under the heading A) current expenses. B) operating debts. C) liabilities. D) operating expenses. 65) Accounts payable is a(n) A) current liability. B) long-term liability. C) current asset. D) operating expense. 66) The left and right columns on the financial statements are used for debits and credits. Answer: TRUE OK FALSE 67) The amount for Cost of Goods Sold is found on the worksheet. Answer: TRUE OR FALSE 68) The formal income statement can be prepared from the income statement column, of the w Answer: TRUE OR FALSE 69) Gross profit minus Operating Expenses equals Net Income. AnSWIT: TRUE OR FALSE 70) The statement of owner's equity ending capital is equal to the capital on the worksheet. Answer: TRUE OR FALSE