no
No?
revenue and expenses
other income and they are found in the income statement
Interest on Loan
no
NO, Account payable is a balance sheet item it does not appear in the income statement.
Yes all revenues are part of income statement and interest revenue also that’s why it is shown in income statement as other income.
Interest expense is shown at debit side of income statement because it is an expense for business.
Interest is part of income statement and shown in income statement and not part of balance sheet.
Product cost appear on the income statement as cost of goods sold and on the balance sheet as inventory.
Prior year adjustments
Fixed assets do not appear on the income statement. They are shown on the balance sheet (statement of financial position).
No?
interest expense is deducted from EBITA (Earnings before interest and tax). This is in the income statement. Note that interest expense is NOT the monthly or yearly mortgage being paid, birt the fraction of it that is just interest.
True
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.