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Indicate Where Each Component Would Be Reported in the Financial

Question 102

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Indicate where each component would be reported in the financial statements by inserting the corresponding code letters in the space provided

Premises:
Merchandise inventory (beginning)
Cash dividends declared on common stock
Flood loss (infrequent and unusual)
Expenses incurred as a result of a strike
Discount on bonds payable
Correction of erroneous overstatement of last year's ending inventory
Loss from write-off of a significant accounts receivable (frequent, not unusual)
Additional depreciation on office equipment resulting from decrease in estimated useful life
Interest expense
Transportation-in
Responses:
Sales revenue (net)
Cost of goods sold
Selling expenses
General and administrative expenses
Other revenue and expenses
Results from discontinued operations
Extraordinary items
Prior period adjustments
Additions to retained earnings (other than h)
Deductions from retained earnings (other than h)
Footnotes to financial statements
Ending balance sheet

Correct Answer:

Sales revenue (net)
Cost of goods sold
Selling expenses
General and administrative expenses
Other revenue and expenses
Results from discontinued operations
Extraordinary items
Prior period adjustments
Additions to retained earnings (other than h)
Deductions from retained earnings (other than h)
Footnotes to financial statements
Ending balance sheet
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