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

Cash paid for inventory

What are expenses like sales salaries expense, advertising expense, etc. called that are incurred directly in the selling of merchandise inventory? Group of answer choices administrative expenses other expenses selling expenses cost of goods sold

C. As the auditor of STUVWXYZ Partnership Ltd., you discovered the following transaction entries made in 2022 to the Cost and Expense Account control ledger. The respective contra accounts used by the accountant are indicated respectively. The company uses periodic method of recording inventories. Cost and Expense Account Purchase of raw materials P357,657 Purchase discount on purchase of raw Payment of utility bills Salaries of administrative personnel Salaries of sales personnel Commission paid to personnel Payment of machine maintenance Depreciation of building Wages of factory workers Loss incurred on sale of inventories (value of impaired inventories P70,0000 20,000 Sales discount granted to customers 27,300 materials P2,750 29,430 Gain on sale of raw materials, on account 5,000 35,785 22,570 10,530 85,200 Purchase return for defective items 22,470 77,800 15,320 Notes: 1. For debit transactions, the accountant used cash or accounts payable as the credit or contra account 2. For…