61) Use the following code to identify the financial statement(s) where each of these line items is shown. (Remember that some line items may be found on more than one statement.)
a.Balance sheet
b.Income statement
c.Statement of changes in shareholders’ equity
d.Statement of cash flows
______ 1. Cash collected from customers
______ 2. Revenues earned
______ 3. Unearned revenue
______ 4. Salaries payable
______ 5. Salaries expense
______ 6. Cash paid to employees
62) Match the following terms with the appropriate definitions below. Definitions have not been provided for all of these terms.
a. Net income
b. Net loss
c. Net cash flows from operating activities
d. Gross profit
e. Total expenses
f. Depreciation expense
g. Accumulated depreciation
______ 1. What the income statement reports when expenses exceed revenues for a given accounting period
______ 2. The cost of long-term assets used up during a single accounting period
______ 3. The successful operating results of a business based on matching accomplishment against efforts
______ 4. The cumulative amount of a long-term asset used up from the time it was purchased to the date of the financial statements
______ 5. What the income statement reports when revenues exceed expenses for a given accounting period