1) What type of account is Cost of Goods Sold? What statment does it appear on? Is it a Real or Nominal account? Is it temporary? Is it a CR or DR balance.2) I have read on the internet that it is an expense, however looking at my workbook showing the Income Statement it is lilsted under Sales & Revenues and added together to obtain Gross Profit.

For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases

Which of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expenses

Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable

I have a couple of questions. PLEASE answer thoroughly and explain.1) Are all types of revenue accounts listed on the Income Statement only? And are they always temporary accounts with a credit balance? Do ALL of them affect only RE or do revenues affect other statements and accounts. If so what are they and how do they affect them?2) What role does Cost of Goods Sold play? What is it and why is it listed under Sales and Labor Revenue and deducted from Sales and Labor Revenue? Will there always be a Cost of Goods Sold on the Income Statement. How do you arrive at Gross Profit on the Income Statement if there is not a Cost of Goods Sold? What other accounts if any does Cost of Goods Sold affect? Can you give me an example of Cost of Goods Sold?3) Do expenses like revenues appear only on the Income Statement? What other accounts do they affect, if any? Are they credit balances as well? . Do expenses affect only the RE and are they debited or credited to RE?3)How do you…

1. What is a Statement of Comprehensive Income? 2. Why are the accounts found under the SCI are called temporary accounts? 3. What are the two forms of SCI? Differentiate one from the other. 4. What is the difference between the SCI of a service entity from a merchandising entity? 5. What is the formula in computing Net Income (Loss) for Service Entities? 6. What is the formula in computing Net Sales? 7. What is the formula in computing Cost of Goods Sold?

I have attached the Income Statement I will be referring to.  Please explain and clarify 1) What account does Cost of Goods Sold go under and what is its balance? 2) How do you get your Gross Profit 3) Do you always subtract Total Expenses from Gross Profit to get your Operating Income? 4) What account does Interest Expense go and what balance does it carry?

Which of the following statement is False for a Simple-Step Income Statement? a. Net Profit can be calculated b. Cost of goods sold will be taken under total revenue c. Selling expenses will be calculated under total expenses d. General and Administration expenses will be taken under total expenses

which comes first when preparing a income statement? please put in order salaries expense cost of goods sold net income total expenses gross profit miscellsneous expense sales

Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods Sold, Selling Expenses, General Expenses, Other Income , or Other Expenses. Utilities Expense  Advertising Expense  Purchases Discounts  Sales Returns and Allowances  Interest Income  Freight In  Depreciation Expense, Equipment  Interest Expense  Rent Expense  Sales                Check My Work