1. A complete income statement potentially has the following sections: (1 point)

Question

1. A complete income statement potentially has the following sections: (1 point)

a. Items from continuing operations and earnings per share for a corporation.
b. Income or loss from operating a discontinued segment for the current period.
c. The loss from disposing of the discontinued segment's net assets.
d. Extraordinary items.
e. Continuing operations, discontinued segments, extraordinary items, changes in accounting principles, and earnings per share for a corporation.

2.Phoenix Company reported sales of $400,000 for 2009, $450,000 for 2010, and $500,000 for 2011. Using 2009 as the base year, what were the percentage increases for 2010 and 2011 compared to the base year?   (1 point)

3.Comparative financial statements in which each amount is expressed as a percentage of a base amount are called:   (1 point)

a.   80% for 2010 and 90% for 2011. b.   88% for 2010 and 80% for 2011. c.   88% for 2010 and 90% for 2011. d.   112.5% for 2010 and 125% for 2011. e.   125% for 2010 and 112.5% for 2011.

Explanation / Answer

1. e. Continuing operations, discontinued segments, extraordinary items, changes in accounting principles, and earnings per share for a corporation. 2. d.   112.5% for 2010 and 125% for 2011 3. b.   Percentage comparative statements. Thank you... d.   112.5% for 2010 and 125% for 2011

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