Question: $5$ Brock Corp. reports operating expenses in two categories: $(1)$ selling and $(2)$

$2\mathrm{.}2\mathrm{.}46$

general and administrative. The adjusted trial balance at December $31$ included

the following expenses and losses:

Loss on sale of long$-$term investment $30,000$

Officers' salaries $225,000$

Rent for office space $,220,000$

Sales salaries and commissions $,140,000$

One$-$half of the rented premises is occupied by the sales department. Brock's

total selling expenses are

A$.$ $$480,000$

B$.$ $$400,000$

C$.$ $$370,000$

D$.$ $$340,000$

Question: $6$A company reports the following information as of December $31$:

$2\mathrm{.}3\mathrm{.}58$

Sales revenue

$$800,000$

Cost of goods sold

$600,000$

Operating expenses

$90,000$

Unrealized holding gain on available$-$for$-$sale debt securities$,$ net of

tax

$30,000$

What amount should the company report as comprehensive income as of

December $31?$

A$.$ $$30,000$

B$.$ $$110,000$

C$.$ $$140,000$

D$.$ $$200,000$

Question: $7$

$2\mathrm{.}3\mathrm{.}59$

According to authoritative GAAP issued by the FASB, an entity that presents a

full set of financial statements

A$.$ May report comprehensive income instead of net income.

B$.$

Must report comprehensive income even if it has no items of other

comprehensive income.

C$.$

Must report comprehensive income if it has items of other comprehensive

income $($OCI$).$

D

Must report other comprehensive income $($OCI$)$ in the liabilities section of

the statement of financial position. What are the correct answers?