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The Following Items Represent a Classification Scheme for a Multistep

Question 176

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The following items represent a classification scheme for a multistep income statement.write the letter for each account to indicate to which category it belongs.

Premises:

Responses:

Freight-Out Expense

Selling expenses

Accumulated Depreciation

Revenues

Utilities Expense for Store

Not on income statement

Company President's Salary

Other revenues and expenses

Interest Income

General and administrative expenses

Inventories

Cost of goods sold

Interest Expense

Office Salaries Expense for Headquarters

Interest Receivable

Sales Returns and Allowances

Premises:

Freight-Out Expense

Accumulated Depreciation

Utilities Expense for Store

Company President's Salary

Interest Income

Inventories

Interest Expense

Office Salaries Expense for Headquarters

Interest Receivable

Sales Returns and Allowances

Responses:

Selling expenses

Revenues

Not on income statement

Other revenues and expenses

General and administrative expenses

Cost of goods sold

Correct Answer:

Premises:

Responses:

Freight-Out Expense

Accumulated Depreciation

Utilities Expense for Store

Company President's Salary

Interest Income

Inventories

Interest Expense

Office Salaries Expense for Headquarters

Interest Receivable

Sales Returns and Allowances

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