Assume an income statement with the following classifications: Exercise 3 A. Revenues B. Cost of goods sold C. Distribution expenses D. General and administrative expenses E. Other revenues and expenses F. Income tax on income from continuing operations. G. Gain from disposal of discontinued operations H. Income tax on gain from discontinued operations 1 None of the above Indicate by letter how each of the following should be classified: 1. Advertising expense 2. Amortization of a patent held as an investment 3. Cash dividend received on short-term investment 4. Depreciation on plant that manufactures goods for sale (prior to sale of the goods) 5. Freight on sales 6. Income tax effect of loss on sale of plant 7. Income tax on gain on sale of short-term investment in securities 8. Interest expense 9. Interest revenue 10. Loss on sale of patent 11. Dividend revenue from investments 12. Salary of company president 13. Sales 14. Sales returns 15. Services sold

Assume an income statement with the following classifications: Exercise 3 A. Revenues B. Cost of goods sold C. Distribution expenses D. General and administrative expenses E. Other revenues and expenses F. Income tax on income from continuing operations. G. Gain from disposal of discontinued operations H. Income tax on gain from discontinued operations 1 None of the above Indicate by letter how each of the following should be classified: 1. Advertising expense 2. Amortization of a patent held as an investment 3. Cash dividend received on short-term investment 4. Depreciation on plant that manufactures goods for sale (prior to sale of the goods) 5. Freight on sales 6. Income tax effect of loss on sale of plant 7. Income tax on gain on sale of short-term investment in securities 8. Interest expense 9. Interest revenue 10. Loss on sale of patent 11. Dividend revenue from investments 12. Salary of company president 13. Sales 14. Sales returns 15. Services sold

Name: Assume an income statement with the following classifications:AE 4: C
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Description: Assume an income statement with the following classifications:AE 4: CFASMid-termExercise 3A. RevenuesB. Cost of goods soldC. Distribution expensesD. General and administrative expensesE. Other revenues and expensesF. Income tax on income from contin

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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