A company's chart of accounts includes, in part, the following account numbers and corresponding account titles: Account Number (1) (2) (3) (4) (5) (6) (7) (8) (9) Multiple Choice Account Title O Cashi Merchandise inventory. Cost of goods sold Transportation-out Dividends Common stock Selling expense Which accounts would appear on the income statement? Loss on the sale of land Sales Account numbers 3, 4, 5, 7, and 9 Account numbers 3, 5, 7, and 8 Account numbers 3, 4, 7, 8, and 9 Account numbers 2, 3, 7, 8, and 9
A company's chart of accounts includes, in part, the following account numbers and corresponding account titles: Account Number (1) (2) (3) (4) (5) (6) (7) (8) (9) Multiple Choice Account Title O Cashi Merchandise inventory. Cost of goods sold Transportation-out Dividends Common stock Selling expense Which accounts would appear on the income statement? Loss on the sale of land Sales Account numbers 3, 4, 5, 7, and 9 Account numbers 3, 5, 7, and 8 Account numbers 3, 4, 7, 8, and 9 Account numbers 2, 3, 7, 8, and 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A company's chart of accounts includes, in part, the following account numbers and corresponding account titles:
Account
Number
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Multiple Choice
Account Title
O
Cashi
Merchandise inventory.
Cost of goods sold
Transportation-out
Which accounts would appear on the income statement?
Dividends
Common stock
Selling expense
Loss on the sale of land
Sales
Account numbers 3, 4, 5, 7, and 9
Account numbers 3, 5, 7, and 8
Account numbers 3, 4, 7, 8, and 9
Account numbers 2, 3, 7, 8, and 9
Expert Solution
Step 1
INCOME STATEMENT
income statement is one of the importance Financial Statement of the Company. it Include Total Revenue From Operation & Total Expenses related to Business Operation. The end result of the income statement is either profit or Loss. Profit & Loss is Computed by Deducting Total Expenses related to Business Operation from Total Revenue From Operation
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