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5. Which of the following is most likely to appear on the balance sheet as a current liability? * 4. What is the amount of Income from Operations that a company should report on its current year multiple-step income statement based on the following data? Cost of goods sold PHP 250,000 Net sales PHP 600,000 Income taxes expense PHP 50,000 Selling, general & Interest expense PHP 25,000 Administrative expenses PHP 150,000 * Bonds Payable. Accumulated Depreciation Long-term Notes Payable. Wages Payable PHP 350,000 Other: PHP 200,000 PHP 175,000 PHP 125,000 2. How do liabilities and stockholders' equity differ? How are they similar?* Other: Your answer 5. What is an income statement? On what aspect of a business does this statement provide information? 3. Define revenues. How are revenues measured? * Your answer Your