As a junior accountant for the Waterford Crystal Co. of New Bedford, Connecticut, you’ve just completed an intensive four-week initial training session. During your first week at Waterford, you’ll be applying many of the concepts that you worked so hard to understand over the course of four grueling years of college accounting classes: sales revenues, cost of goods sold, operating and administrative costs, taxes, interest expenses, and net profit. In week two, you’ll get some actual experience working with current and long-term assets, current and long-term liabilities, and owner’s equity. In your third week, you’ll be keeping track of all cash coming into and going out of the business.
-In preparing the company's income statement,you'll report on all of the following items except _____.

Question

Quizplus · Accepted Answer

The income statement reports on a company's financial performance, including sales revenues, costs of goods sold, and operating expenses. Short-term assets are not included in the income statement; they are reported on the balance sheet.

As a Junior Accountant for the Waterford Crystal Co