1. On the income statement, extraordinary items are reported
A. immediately after the continuing operations section.
B. before the operating income section.
C. immediately before the discontinued operations section.
D. net of income tax or net of income tax savings.
2. _______ is added back to net income in the operating section of an indirect cash flow statement.
A. An increase in accounts receivable
B. A decrease in accounts payable
C. Depreciation
D. An increase in inventory
3. A journal entry for the sale of $10 par-common stock for $18 per share would include a
A. debit to Common Stock.
B. debit to Paid-In Capital in Excess of Par–Common Stock.
C. credit to Cash.
D. credit to Paid-In Capital in Excess of Par–Common Stock.
4. For the years 2011, 2012, and 2013, the sales of Red Line, Inc. are $40,000, $60,000 and $80,000, respectively. If 2011 is the base year, the trend percentage for 2012 was
A. 150%.
B. 0%.
C. 133%.
D. 200%.

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