1. The two fundamental qualities of useful financial information are: A. comparability and consistency B. relevance and faithful representation C. understandability and readability D. verifiability and timeliness sheet, based onthelpany report as Total Property, Plant and Equipment on its classified balance sheet, based on the following selected account balances? $ 500,000 350,000 Accumulated depreciation 300,000 1,250,000 100,000 Land Long-term investments Buildings & equipment Trademark A. $2,500,000 B. $1,450,000 C. $1,750,000 D. $1,550,000 What is the amount of Income from Operations that a company should report on its current year multiple- step income statement based on the following data? $ 600,000 $ 250,000 50,000 25,000 Net sales Selling, general & Cost of goods sold Income taxes expense 150,000 administrative expenses Interest expense A. $125,000 B. $175,000 C. $200,000 D. $350,000 4. All of the following are classified as Current Assets on a company's classified balance sheet except A. Goodwill B. Accounts Receivable C. Inventory D. Prepaid Insurance A company sold merchandise on credit for $1,200; the cost of the merchandise was $700. The com journal entry to record the sale will include pany's 5. A. Debit Accounts Receivable $1,200, credit Inventory $700, and credit Profit on Sale $500 B. Debit Accounts Receivable $1,200 and credit Sales Revenue $1,200 C. Debit Sales Revenue $1,200 and credit Inventory $1,200 D. Debit Cost of Goods Sold $1,200 and credit Sales Revenue $1,200