In which of the financial statements do Merchandise Inventory and Cost of goods sold appear?
A)on the balance sheet and statement of owner's equity, respectively
B)on the statement of owner's equity and income statement, respectively
C)on the balance sheet and income statement, respectively
D)on the income statement and statement of cash flows, respectively

Question

Quizplus · Accepted Answer

Merchandise Inventory appears on the balance sheet as a current asset and Cost of goods sold appears on the income statement as an expense.

In Which of the Financial Statements Do Merchandise Inventory and Cost