The main section headings of the income statement are 

a. Sales

b. Service revenue

c. Other revenue

d. Cost of goods sold

e. Operating expenses

f. Other expenses

REQUIRED:
Classify the following descriptions under the appropriate headings and prepare an income statement in proper form without account balances.

1. Salaries and wages expense

2. Service revenue

3. Insurance expense

4. Sales (of inventories)

5. Selling and administrative expenses

6. Depreciation expense

7. Supplies expense

8. Loss on disposal of plant assets

9. Interest revenue

10. Dividends revenue

11. Advertising expense

12. Gain on disposal of plant assets

13. Interest expense

14. Cost of goods sold

15. Gain on sale of investments