Which of the following would not be reported on the Income Statement?
A)Utilities expense in the amount of a bill received for utilities used during the current period but unpaid as of the end of the period.
B)Rent expense in the amount of rent paid during the period for use of a storage facility in the current period.
C)Revenue in the amount of services provided to customers who promise to pay in the next period.
D)Cost of land,paid in cash,and purchased for future use.

Question

Quizplus · Accepted Answer

The cost of land purchased for future use would be classified as a long-term asset and would not be reported on the Income Statement. The other options represent current expenses or revenues that would be reported on the Income Statement.

Which of the Following Would Not Be Reported on the Income