The following items might be seen on the income statement of a large retail store.
•Sales revenue
•Revenue from cafeteria food sales to employees
•Interest revenue
•Cost of goods sold expense
•Utility expense
•Employer matched amounts for employee Social Security withholdings
•Shipping expense to obtain inventory items
•Income tax expense
•Property tax expense
Required:
Indicate whether each of the listed items would be considered an operating or a non operating item. Provide a brief reason for your selection.