ACCOUNTING HELP

12 ]Companies use income statements when a large number of line items distracts the user from identifying key measures and relationships. A. comprehensive B. condensed C. single step D. multi-step 13 A company has the following items on its year-end trial balance: S500,000 Net sales Common stock 100,000 Insurance expense 75.000 50,000 Wages Cost of goods sold 100,000 40,000 Cash Accounts payable 25,000 Interest payable 25,000 What is the company's gross profit? A. $230,000 B. $275,000 C. $400,000 D. $500,000 14 J Which of the following are acceptable formats for reporting comprehensive income? I. In one continuous financial statement II. In a statement of changes in equity Ill. In a separate statement of net income IV. In two separate but consecutive financial statements A. I and II only. B. I, II, and III only. C. III and IV only. D. I and IV only