Identify the items that appear on an Income Statement. cash balance revenues product purchases cost of goods sold inventory

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 5TF: Sales Returns and Allowances is classified as a contra-cost account on the income statement.
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■
cost of goods sold
inventory
advertising and promotion
taxes paid
profit
dividends paid
retained earnings
Transcribed Image Text:■ cost of goods sold inventory advertising and promotion taxes paid profit dividends paid retained earnings
QUESTION 2
Identify the items that appear on an Income Statement.
cash balance
revenues
product purchases
cost of goods sold
inventory
Transcribed Image Text:QUESTION 2 Identify the items that appear on an Income Statement. cash balance revenues product purchases cost of goods sold inventory
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