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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Which of the following accounts does not appear on the income statement?

(a) Delivery Fees

(b) Wages Expense

(c) Drawing

(d) Rent Expense

To determine

State the option that does not appear on the income statement.

Explanation

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.

Justification for the incorrect options:

Option (a): Income statement records the revenues earned and expense incurred. Delivery fees are considered as revenue and it appears on the income statement. Therefore, it is an incorrect option.

Option (b): Income statement records the revenues earned and expense incurred. Wages expense is considered as an expense and it appears on the income statement...

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