The amount of Freight In for a period is reported on:
A)the balance sheet
B)the statement of owner's equity
C)the income statement.
D)it is not reported on any statement.

Question

Quizplus · Accepted Answer

The amount of Freight In is part of the Cost of Goods Sold and is reported on the Income Statement. It is not reported on the Balance Sheet or Statement of Owner's Equity as it does not affect the assets or equity of the business.

The Amount of Freight in for a Period Is Reported