Smith Company has six major headings in its income statement, which include Sales, Fees Earned, Other Revenues,
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Question:
Smith Company has six major headings in its income statement, which include Sales, Fees Earned, Other Revenues, Cost of Goods Sold, Operating Expenses, and Other Expenses. Below are some of the income statement accounts for Smith:
- Revenues from the sale of inventories
- Depreciation expense
- Income from interest on savings account
- Income from interest on investments
- Advertising expense.
- Loss on sale of building
- Salespeople commission expense
- Insurance expense
- Gain on sale of short-term investments
- Sales of services provided
- Cost of sold inventories
- Interest expense on outstanding loans
Which of these would be found under the heading “Operating Expenses”?
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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