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Classified income statement
It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections:
1. Revenue
2. Cost of Goods Sold
3. Operating Expenses
4. Income from Operations
5. Other Income and Expenses
WHO PREPARES A TRADING ACCOUNT AND WHY?
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
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What if the public holiday falls on a rest day? how to pay and which one is?
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