16) A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle, is a(n) a) Unadjusted trial balance b) Post-closing trial balance c) Book of final entry d) Adjusted trial balance e) Work sheet 17) A classified balance sheet a) Measures a company's ability to pay its bills on time b) Organizes assets and liabilities into important subgroups c) Presents revenues, expenses, and profit d) Shows operating, investing, and financing activities e) Shows the effect of profit and withdrawals on owner's capital 18) The asset section of a classified balance sheet includes a) Current assets, long-term investments, property, plant and equipment, and intangible assets. b) Current assets, non-current assets, equity, and intangible assets. c) Current assets, long-term investments, property, plant and equipment, and withdrawals. d) Current liabilities, long-term investments, property, plant and equipment, and intangible assets. e) Current assets, liabilities, property, plant and equipment, and intangible assets. 19) Gross profit is a) The same as profit b) Subtracted from operating income to get profit c) Net sales less cost of goods sold d) A special general ledger account e) Only calculated when using the perpetual inventory system 20) Z-Mart had sales of $572,300. Gross profit was $239,106. What is the cost of goods sold? a) $279,194 b) $333,194 c) $360,194 d) $572,300 e) $40,088 21) Merchandise inventory is(are) a) Reported on the balance sheet under plant and equipment b) Products a company owns for resale to customers c) Reported on the income statement as an expense d) An asset that Includes supplies e) Included on a service company's balance sheet