A numbered list of income statement classifications for a merchandising company follows. Write the number of the

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A numbered list of income statement classifications for a merchandising company follows. Write the number of the appropriate classification beside each item in the lettered list below to show in what section the item would be reported.
1. Gross profit section
2. Operating expenses section
3. Other revenues and expenses section
4. Discontinued operations section
5. Not reported on income statement
(a) _______ A realized gain on the sale of trading investments
(b) _______ Sales revenue
(c) _______ Salaries expense
(d) _______ Cost of goods sold
(e) _______ Dividend revenue
(f) _______ A loss from operations of a discontinued wholesale business
(g) _______ Interest expense
(h) _______ A writedown of obsolete inventory
(i) _______ A gain on the disposal of assets of a discontinued wholesale business
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For  answer-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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