2. The following lettered items represent a classification scheme for a multiste

Question

2. 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. Revenue

b. Cost of goods sold

c. Selling expenses

d. General and administrative expenses

e. Other revenues and expenses

f. Not on income statement

_____1. Interest Income

_____2. Accumulated Depreciation

_____3. Sales Returns and Allowances

_____4. Inventories

_____5. Company President’s Salary

_____6. Utilities Expense for Store

_____7. Interest Expense

_____8. Freight-Out Expense

_____9. Office Salaries Expense for Headquarters

____10. Interest Receivable

Explanation / Answer

1. e 2. f 3. a 4. f 5. d 6. c 7. e 8. c 9. d 10. f

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