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The Following Lettered Items Represent a Classification Scheme for a Multistep

Question 177

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The following lettered items represent a classification scheme for a multistep income statement.In the blank next to each account,write the letter indicating to which category it belongs.

Premises:
Cash
Depreciation Expense (for delivery truck)
Personnel Expense
Advertising Expense
Dividend Income
Sales Discounts
Interest Income
Unearned Revenue
Rent Expense (for main office)
Prepaid Rent
Responses:
Not on income statement
Selling expenses
Revenues
Other revenues and expenses
General and administrative expenses
Cost of goods sold

Correct Answer:

Cash
Depreciation Expense (for delivery truck)
Personnel Expense
Advertising Expense
Dividend Income
Sales Discounts
Interest Income
Unearned Revenue
Rent Expense (for main office)
Prepaid Rent
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