Find the answers to the following questions.
1. What is an income statement?
2. What does the gross profit represent?
3. When does depreciation result?
4. How is a net figure of other income and expenses computed?
5. How is the amount of income earned by the business before paying taxes called?
Match the words having similar meaning.
| 1. apparel | a. deal |
| 2. advertisement | b. equipment |
| 3. earning | c. clothing |
| 4. outfit | d. salary |
| 5. manufacturer | e. publicity |
| 6. interest | f. car |
| 7. vehicle | g. percent |
| 8. transaction | h. producer |
5. Look at the groups of words and say which one does not belong?
1. manufacturer, producer, consumer, seller, distributor:
2. leather, forest, metal, plastic, paper;
3. salary, wages, pension, inheritance, charity, winnings;
4. compute, calculate, measure, decorate, evaluate, estimate;
5. grow, increase, plummet, improve, rise.
Madera Company has been in operation for 5 years. Following is selected data taken from the accounts of Madera Company. Use this data to determine the net income for its most recent year.
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Based on the above information, the net income for Madera Company was:
a. $16. b. $ 1. c. $21. d. $ 6. f. $ 23
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