Interest expense would be classified on a multiple-step statement of income under the heading
A)Other expenses and losses.
B)Other revenues and gains.
C)Operating expenses.
D)Cost of goods sold.

Question

Quizplus · Accepted Answer

Interest expense is typically classified under "Other expenses and losses" on a multiple-step income statement, as it is not directly related to the primary operations of the business.

Interest Expense Would Be Classified on a Multiple-Step Statement of Income