Which of the following would be on the income statement of a retailer?
A)Value of inventory
B)Cost of goods sold
C)Accounts payable
D)Accounts receivable

Question

Quizplus · Accepted Answer

Cost of goods sold is a key component of the income statement and reflects the cost of purchasing or producing the items sold by the retailer. Value of inventory is reported on the balance sheet, while accounts payable and accounts receivable are reported on the statement of cash flows or balance sheet.

Which of the Following Would Be on the Income Statement