17. Which of the following would not be found on a standardized income statement? A. Cost of Goods Sold B. Loss on sale of long-term assets C. Property tax expense D. Accrued federal income taxes 18. Which of the following would not be found on a standardized balance sheet? A. Land B. Cost of Goods sold c. Unearned Income D. Accounts Payable 19. A business organized as a separate legal entity is a 1. Corporation. 2. Sole proprietor. 3. Partnership 4. All of the above 20. Which of the following is not one of the three forms of business organization? 1. Corporations 2. Partnerships 3. Proprietorships 4. Investors 21. Which of the following would not be considered an internal user of accounting data for the Xanadu Company? 1. President of the company 2. Production manager 3. Merchandise inventory clerk 4. Banker 22. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) 1. account payable. 2. account receivable. 3. revenue. 4. expense. 23. The right to receive money in the future is called a(n) 1. account payable. 2. account receivable. 3. liability. 4. revenue. 24. The cost of assets consumed, or services used is also known as 1. 2. 3. a revenue. an expense. a liability. an asset. 4. 25. The best definition of assets is the 1. cash owned by the company. 2. collections of resources belonging to the company and the claims on these resources. 3. owners' investment in the business. 4. resources belonging to a company that have future benefit to the company. 26. Dividends are reported on the 1. income statement. 2. retained earnings statement. 3. balance sheet. 4. income statement and balance sheet