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The Following Lettered Items Represent a Classification Scheme for a Multistep

Question 176

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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:

Responses:

Office Salaries Expense for Headquarters

Selling expenses

Utilities Expense for Store

Cost of goods sold

Interest Expense

Revenues

Accumulated Depreciation

Other revenues and expenses

Interest Income

Not on income statement

Company President's Salary

General and administrative expenses

Freight-Out Expense

Inventories

Interest Receivable

Sales Returns and Allowances

Premises:

Office Salaries Expense for Headquarters

Utilities Expense for Store

Interest Expense

Accumulated Depreciation

Interest Income

Company President's Salary

Freight-Out Expense

Inventories

Interest Receivable

Sales Returns and Allowances

Responses:

Selling expenses

Cost of goods sold

Revenues

Other revenues and expenses

Not on income statement

General and administrative expenses

Correct Answer:

Premises:

Responses:

Office Salaries Expense for Headquarters

Utilities Expense for Store

Interest Expense

Accumulated Depreciation

Interest Income

Company President's Salary

Freight-Out Expense

Inventories

Interest Receivable

Sales Returns and Allowances

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