In a multiple-step income statement, the dollar amount for income ...

[Mr3Hunna]

In a multiple-step income statement, the dollar amount for income from operations is always the same as net income.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

T Ball, Inc. has the following accounts on its adjusted trial balance at December 31:
 
  Debit Credit
  Cash  700
  Accounts receivable 300
  Insurance expense 100
  Equipment 800
  Accumulated depreciation  400
  Depreciation expense 200
  Sales 1,000
  Wages expense 400
  Common stock 1,000
  Dividends 100
  Retained earnings 200
 
   How many of these accounts are temporary accounts and will be closed at the end of the account period?
  A) Seven
  B) Six
  C) Five
  D) Four

[Missbam101]

Answer to Question 1

False

Answer to Question 2

C