29, A) 17.5%. had $7,000 in net income for the year. Its net sales were $11,200 for the same perisd C) 62.5%. D) 160%. E) $18.2 million. 30. The total amount of depreciation A) Is referred to as depreciation expense. B) Is referred to as C) Is shown on the income statement of the final p D) Is only recorded E) Is referred to as an accrued asset. recorded against an asset or group of assets during the entire time of ownershp 31. The usual order for the aset section of a casifed bseevesmects Ch3-C6 A) Current assets, intangible Current assets, long-term C) current assets, plant assets, assets plant assets, intangible assets assets, current assets, long-term investments, plant assets. current assets sisets, long-lerm invesme, Unearned revenue is reported in the financial statements as 32. A) A revenue on the balance sheet B) A liability on the balance sheet. C) An unearned revenue on the income statement. D) An asset on the balance sheet. E) An operating activity on the statement of cash flow Ch3-Pl A) Debit Unpaid Salaries and credit Salaries Payable. B) Debit Salaries Payable and credit Salaries Expense. C) Debit Salaries Expense and credit Cash. D) Debit Salaries Expense E) Debit Cash and credit Salaries Expense. 33. The adjusting entry to record the earned but unpaid salaries of employees at the end of an accoumng and credit Salaries Payable. Leaming Obiective: Ch3-C6 34. Classified balance sheets commonly inchude the folowing categories a. Current assets c. Plant assets e. Current liabilities Indicate the ppical clssifiaio of a em in the blank space next to the item. g. Equity Land held for future plant expansion Receivable 1) Buildings used in business operations