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Q. Explain about Classified income statement?
An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divides both revenues and expenses into operating and non operating items. The statement as well separates operating expenses into selling and administrative expenses. A classified income statement is as well called a multiple-step income statement. We demonstrate a classified income statement for Hanlon Retail Food Store. This statement use the previously presented data on sales Exhibit 35 and cost of goods sold Exhibit 38 together with additional assumed data on operating expenses and other expenses and revenues. Note in Exhibit 39 that a classify income statement has the following four main sections
- Operating revenues.
- Cost of goods sold.
- Operating expenses.
- Non operating revenues and expenses (other revenues and other expenses).
exploration costs for mining companies are assets?.
What are the golden rule of accounting how to pass journal entry when strating bussines what
find cost of goods sold
a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the
What is journal entry for Input CST which are paid at the time of purchases of goods from other state.
define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
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