ACCT Exam #2

$50000 and $70000 respectively - qualified answersFreda's Florist reported the following before-tax income statement for the year ended December 31, 2021: 1. gross profit - qualified answersless: cost of goods sold (cost to you of what you sold) 1. Operating income 2. Non-operating income 3. Income tax expense - qualified answersthree major components of income from continuing operations 2. operating income - qualified answersoperating expenses includes revenues, expenses, gains, and losses directly related to the primary revenue-generating activities of the company, for example: general & administrative expense, selling expense, loss on inventory, write-down, loss on building from fire damage, etc.) 3. income before income taxes - qualified answersother income/expenses (includes revenues, expenses, gains, and losses related to peripheral or incidental activities of the company, ex: interest revenue/expense, gain/loss on sale of investments, etc.) 30-60 days - qualified answersaccount receivable usually are due in... 4. income from continuing operations - qualified answersincome tax expense (take your tax % and multiply it by your income before income taxes) 5. net income - qualified answersgain or loss on discontinued operations NET OF TAX 6. comprehensive income - qualified answersgain or loss from other comprehensive income NET OF TAX (unrealized gains/losses on investments, gains/losses from postretirement benefit plans or derivatives, Foreign County translation adjustments, etc.) accounts payable - qualified answersobligations to suppliers of merchandise or of services purchased on an account, with payment usually due in 30 to 60 days accounts receivable - qualified answersresults from sale of goods or services on account, often referred to as trade re