An income statement will never include a line for:
A) Depreciation
B) COGS
C) SG&A costs
D) Taxes on profits
E) Accounts payable

Name: An income statement will never include a line for: A) Depreciation B) COGS C) SG&A costs D) Taxes on profits E) Accounts payable
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Question

Quizplus · Accepted Answer

An income statement includes revenues and expenses to show the net income of a business over a specific period. Accounts payable, however, is a liability and is reported on the balance sheet, not the income statement.

An Income Statement Will Never Include a Line For