Solved

The Following Items Represent a Classification Scheme for a Multistep

Question 52

Matching

The following items represent a classification scheme for a multistep income statement. write the letter indicating to which category it belongs.

Premises:

Responses:

Interest Income

Revenues

Accumulated Depreciation

Cost of goods sold

Sales Returns and Allowances

Selling expenses

Inventories

General and administrative expenses

Company President's Salary

Other revenues and expenses

Utilities Expense for Store

Not on income statement

Interest Expense

Freight-Out Expense

Office Salaries Expense for Headquarters

Interest Receivable

Premises:

Interest Income

Accumulated Depreciation

Sales Returns and Allowances

Inventories

Company President's Salary

Utilities Expense for Store

Interest Expense

Freight-Out Expense

Office Salaries Expense for Headquarters

Interest Receivable

Responses:

Revenues

Cost of goods sold

Selling expenses

General and administrative expenses

Other revenues and expenses

Not on income statement

Correct Answer:

Premises:

Responses:

Interest Income

Accumulated Depreciation

Sales Returns and Allowances

Inventories

Company President's Salary

Utilities Expense for Store

Interest Expense

Freight-Out Expense

Office Salaries Expense for Headquarters

Interest Receivable