0
Add your answer:
Earn +20 pts
Does the income summary appear on the income statement?
no
Does provision for bad debts appear on an income statement?
No?
What two classifications appear on the income statement?
revenue and expenses
Cash receipts of interest and dividend revenue are classified as what?
other income and they are found in the income statement
What are the example for Finance cost in profit and loss account or income statement?
Interest on Loan
Does the income summary appear on the income statement?
no
Does interest revenue go on 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.
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
Where does interest go on balance sheet?
Interest is part of income statement and shown in income statement and not part of balance sheet.
Product costs appear on the income statement in the form of?
Product cost appear on the income statement as cost of goods sold and on the balance sheet as inventory.
What will not appear on both a single step income statement and a multiple step income statement?
Prior year adjustments
Does interest payable go on an income statement?
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.
Where on the income statement can you find fixed assets?
Fixed assets do not appear on the income statement. They are shown on the balance sheet (statement of financial position).
Does provision for bad debts appear on an income statement?
No?
Are the amortization of discounts or premiums recorded as part of interest income on the income statement?
True
Where did loan interest payable go in the income statement?
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
