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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 20
Classifying income statement items.
The accounts listed on the next page appear on the worksheet of Giddy's Craft Store. Indicate the section of the classified income statement in which each account will be reported.
SECTIONS OF CLASSIFIED INCOME STATEMENT
a. Operating Revenue
b. Cost of Goods Sold
c. Operating Expenses
d. Other Income
e. Other Expenses
ACCOUNTS
1. Purchases Returns and Allowances
2. Telephone Expense
3. Sales Returns and Allowances
4. Purchases
5. Interest Income
6. Merchandise Inventory
7. Interest Expense
8. Sales
9. Depreciation Expense-Store Equipment
10. Rent Expense
The accounts listed on the next page appear on the worksheet of Giddy's Craft Store. Indicate the section of the classified income statement in which each account will be reported.
SECTIONS OF CLASSIFIED INCOME STATEMENT
a. Operating Revenue
b. Cost of Goods Sold
c. Operating Expenses
d. Other Income
e. Other Expenses
ACCOUNTS
1. Purchases Returns and Allowances
2. Telephone Expense
3. Sales Returns and Allowances
4. Purchases
5. Interest Income
6. Merchandise Inventory
7. Interest Expense
8. Sales
9. Depreciation Expense-Store Equipment
10. Rent Expense
Explanation
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Classifying the income statement items: ...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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