From the following list of selected items taken from the records of Bobcat Appliance Service as of a specific date, identify those that would appear on the income statement. 1.  Accounts Payable   2.  Cash   3.  Common Stock   4.  Fees Earned   5.  Land   6.  Rent Expense   7.  Retained Earnings   8.  Supplies   9.  Supplies Expense   10.  Wages Payable

Identify which one of the following formula is used to calculate the net income of the service companies in an accounting period? a.Net Purchases – Cost of goods sold b.Net Sales – Cost of goods sold c.Services Revenue – Operational and Administrative Expenses d.Operational and Administrative Expenses – Service Revenue

What is this classified as on the income statement? Change in accounts payable Revenue Expense Depreciation Other Farm income

Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods Sold, Selling Expenses, General Expenses, Other Income , or Other Expenses. Utilities Expense  Advertising Expense  Purchases Discounts  Sales Returns and Allowances  Interest Income  Freight In  Depreciation Expense, Equipment  Interest Expense  Rent Expense  Sales                Check My Work

Classify each of the following accounts as to whether it appears on the income statement (IS), the balance sheet (BS) or owner’s equity statement (OE) _____1.      Merchandise Inventory                     _____ 6.  Int.  Revenue               ____11. Wales, Drawing   _____2.      Accumulated Depreciation—Truck   _____ 7.  Interest Receivable      ____12. Wales, Capital   _____3.      Depreciation Expense                      _____ 8.  Notes Receivable        ____13. Sales Discounts   _____4.      Cost of Goods Sold                        _____ 9. Interest Expense        ____14. Prepaid Insurance   _____5.      Unearned Revenue                        _____10. Freight Out               _____15. Sales

The amount found in the Income Statement debit column on the worksheet for Income Summary is​ the:   A.ending inventory.   B.beginning inventory.   C.total amount of expenses.   D.total amount of revenues.

Use the list of concepts given to match the description of the concept to the concept.

What does each account fall under financial statement, major classification, and possible account number?

On a multiple step income statement, the account interest expense would be located under A) Net sales B) COGS C)  Other Revenues and expenses

Recording revenue when you have completed a sale of merchandise the way we are doing it is A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entry