1a. Which of the following is NOT a temporary account?

Deferred Revenue

Loss on sale of equipment

Dividends

Depreciation Expense

Cost of goods sold

1b. Failure to record the expired amount of prepaid rent would:

Overstate expense

understate net income

understate assets

overstate stockholder's equity

none of the above

1c. Lion Inc. Made total cash payments of $25.000 for wages during the year. If Lion's wages payable account had a beginning balance of $1,500 and an ending balance of $3,500, how much wages expense should show up on this year's income statement?

$3,500

$23,000

$25,000

$27,000

$30,000

1d, Which of the following would not be classified as an operating activity according to U.S. GAAP?

Interest Income

Payment of interest

Dividend income

Payment of dividends

None of the above are operating activities