The amount of the purchases for a period is presented in:
A)the cost of purchases statement.
B)the balance sheet.
C)the income statement.
D)the statement of owner's equity.

Question

Quizplus · Accepted Answer

The amount of purchases for a period is presented in the income statement as part of the cost of goods sold calculation. The cost of purchases statement is not a commonly used financial statement, and the balance sheet and statement of owner's equity do not directly show the amount of purchases.

The Amount of the Purchases for a Period Is Presented