Which of the following statements is true regarding the classified balance sheet?

Which of the following statements is true regarding the classified balance sheet?
Question 22 options:

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Current assets include cash, accounts receivable, and equipment.

Plant, property, and equipment is one category of long-term assets.

Current liabilities include accounts payable, salaries payable, and notes receivable.

Stockholders’ equity is subdivided into current and long-term categories.
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Question 23 (1 point)

The underlying assumptions of accounting include all the following except _______________.
Question 23 options:

business entity

going concern

matching

money measurement and periodicity
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Question 24 (1 point)

Malloy Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Malloy Company for the period is _______________.
Question 24 options:

$300,000

$228,000

$252,000

$168,000

None of the above
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Question 25 (1 point)

A classified income statement consists of all of the following major sections except _______________.
Question 25 options:

Operating revenues

Cost of goods sold

Operating expenses

Non-operating revenues and expenses

Current assets
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Question 26 (1 point)

A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be _______________.
Question 26 options:

$240

$200

$1,200

$1,000

$3,600
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