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Use the Abbreviations Below to Classify the Following Income Statement

Question 107

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

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:

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
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