Which of the following would be reported on the income statement for Year 2?

Question

Quizplus · Accepted Answer

Supplies that have been used in Year 2 are reported as an expense on the income statement for Year 2 (even though they were purchased in Year 1).Supplies used in Year 1 would be reported as an expense on the income statement for Year 1 (rather than Year 2).Dividends are reported on the statement of retained earnings rather than on the income statement.Accounts Receivable are reported on the balance sheet rather than on the income statement.

Which of the Following Would Be Reported on the Income