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Use the Abbreviations Below to Classify the Following Income Statement

Question 136

Matching

Use the abbreviations below to classify the following income statement items.

Premises:

Responses:

Note payable, due in March, Year 1

Expenses

Administrative office space rent on a month-to-month lease

Revenues

Accounts payable

Item generally not appearing on an income statement

Common stock

Sales from services

Sales from products

Commissions earned by sales staff

Acquisition of common stock

Supplies inventory

Retained earnings

Sales

Yearly depreciation on equipment

Note receivable, due June 1, Year 2

Cost of goods sold

Officer salaries

Cash from operating activities

Dividends paid

Premises:

Note payable, due in March, Year 1

Administrative office space rent on a month-to-month lease

Accounts payable

Common stock

Sales from services

Sales from products

Commissions earned by sales staff

Acquisition of common stock

Supplies inventory

Retained earnings

Sales

Yearly depreciation on equipment

Note receivable, due June 1, Year 2

Cost of goods sold

Officer salaries

Cash from operating activities

Dividends paid

Responses:

Expenses

Revenues

Item generally not appearing on an income statement

Correct Answer:

Premises:

Responses:

Note payable, due in March, Year 1

Administrative office space rent on a month-to-month lease

Accounts payable

Common stock

Sales from services

Sales from products

Commissions earned by sales staff

Acquisition of common stock

Supplies inventory

Retained earnings

Sales

Yearly depreciation on equipment

Note receivable, due June 1, Year 2

Cost of goods sold

Officer salaries

Cash from operating activities

Dividends paid