College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE).
- a. Utilities Expense
- b. Advertising Expense
- c. Purchases Discounts
- d. Sales Returns and Allowances
- e. Interest Income
- f. Freight In
- g. Depreciation Expense, Equipment
- h. Interest Expense
- i. Rent Expense
- j. Sales
Identify the given items of income statement, as per the given classifications.
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Identify the given items of income statement, as per the given classifications.
| Items | Classification | Justification |
| a. | SE | Utilities expense is a selling expense because it is a recurring expense directly related to sale of goods or services. |
| b. | SE | Advertising expense is a selling expense because it is a recurring expense directly related to sale of goods or services. |
| c. | CGS | Purchase discounts is the item which is required to determine the cost of goods sold. |
| d. | S | Sales returns and allowances is the item which is required to determine the net sales. |
| e. | OI | Interest income is the income which is earned neither from a selling activity, nor a general activity... |
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