Chapter 13 – Financial Statements and Closing Procedures
60. Which of the following is not a section on a Classified Balance Sheet?
61. Which of the following should be classified as a General and Administrative Expense on a
Multi-Step Income Statement?
62. Cost of Goods Sold is classified as a(n)
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65. A classified income statement showed net sales of $435,000, cost of goods sold of
$188,000, and total operating expenses of $165,000 for the fiscal year ended June 30, 2013.
1. What was the gross profit on sales?
2. What was the net income from operations?
66. A classified income statement showed net sales of $870,000, cost of goods sold of
$376,000, and total operating expenses of $330,000 for the fiscal year ended December 31,
2013.
1. What was the gross profit on sales?
2. What was the net income from operations?
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69. The adjusted trial balance data given below is from the Morgan Company’s worksheet for
the year ended December 31, 2014. Prepare a classified income statement for the year ended
December 31, 2014. The expense accounts numbered 611-615 represent selling expenses, and
those numbered 621-631 represent general and administrative expenses.
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© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
13–31
75. The adjusted trial balance data given below is from Cameron White Company’s worksheet
for the year ended December 31, 2013. The balance of the Notes Payable account consists of
notes that are due within a year. The mortgage extends for more than a year. Prepare a
classified balance sheet as of December 31, 2013. The ending capital for the period from the
statement of owner’s equity is $56,150.
Chapter 13 – Financial Statements and Closing Procedures
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© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.