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2. In 2014, Dallas Company had sales of $600,000; cost of sales of $430,000; interest expense...

2. In 2014, Dallas Company had sales of $600,000; cost of sales of $430,000; interest expense of $12,000; and a gain on the sale of a component of $52,000; For its income statement, Dallas uses the single-step format and the all-inclusive concept. What was Dallas's reported pretax income from continuing operations?

a. $150,000

b. $158,000

c. $118,000

d. $170,000

2. Â Which of the following is included in comprehensive income?

a. gains and losses associated with derivative financial instruments that hedge future cash flows

b. translation adjustments from converting foreign statements into U.S. dollars

c. unrealized gains or losses associated with fair value of available-for-sale securities

d. All of these answer choices are included in comprehensive income.

3. In a statement of cash flows, which of the following events would be classified as a financing activity?

a. payment of cash dividends to shareholders

b. payment of interest on a loan

c. purchase of a trading security

d. All of these answer choices are correct.

Thank you!

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Answer #1

1 Sales Less: Cost of goods sold Less: Interest expense Pretax income from continuing operations 600,000 -430,000 - 12000 158

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