The following lettered items represent a classification scheme for a multistep income statement. In the blank next to each account, write the letter indicating to which category it belongs. a. Revenues d. General and administrative expenses b. Cost of goods sold e. Other revenues and expenses c. Selling expenses f. Not on income statement _____ 1. Interest Income _____ 6. Utilities Expense for
Store _____ 2. Accumulated Depreciation _____ 7. Interest Expense _____ 3. Sales Returns and Allowances _____ 8. Freight-Out Expense _____ 4. Inventories _____ 9. Office Salaries Expense for Headquarters _____ 5. Company President's Salary _____ 10. Interest Receivable
Fill in the blank(s) with correct word
1. e 6. c
2. f 7. e
3. a 8. c
4. f 9. d
5. d 10. f
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