A company's chart of accounts includes, in part, the following account numbers and corresponding account titles: Account Number (1) (2) (3) (4) Multiple Choice Account Title (5) (6) (7) (8) (9) Which accounts would appear on the income statement? O Cash Merchandise inventory Cost of goods sold Transportation-out Dividends Common stock Selling expense Loss on the sale of land Sales Account numbers 3, 4, 7, 8, and 9 Account numbers 3, 4, 5, 7, and 9 Account numbers 3, 5, 7, and 8 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) Multiple Choice Account Title (5) (6) (7) (8) (9) Which accounts would appear on the income statement? O Cash Merchandise inventory Cost of goods sold Transportation-out Dividends Common stock Selling expense Loss on the sale of land Sales Account numbers 3, 4, 7, 8, and 9 Account numbers 3, 4, 5, 7, and 9 Account numbers 3, 5, 7, and 8 Account numbers 2, 3, 7, 8, and 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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)
Loss on the sale of land
Sales
(9)
Which accounts would appear on the income statement?
Multiple Choice
O
Account Title
Cash
Merchandise inventory
Cost of goods sold
Transportation-out
Dividends
Common stock
Selling expense
Account numbers 3, 4, 7, 8, and 9
Account numbers 3, 4, 5, 7, and 9
Account numbers 3, 5, 7, and 8
Account numbers 2, 3, 7, 8, and 9](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5d7c6df9-9072-40bc-ad85-7ace55fd8504%2Ffd2eb11e-2e7b-448c-b43d-1a2e9ac6ba63%2Fm8xwb1_processed.png&w=3840&q=75)
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)
Loss on the sale of land
Sales
(9)
Which accounts would appear on the income statement?
Multiple Choice
O
Account Title
Cash
Merchandise inventory
Cost of goods sold
Transportation-out
Dividends
Common stock
Selling expense
Account numbers 3, 4, 7, 8, and 9
Account numbers 3, 4, 5, 7, and 9
Account numbers 3, 5, 7, and 8
Account numbers 2, 3, 7, 8, and 9
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Income statement consists of all the revenues and expenses to calculate the net income.
So all the revenue account titles and expenses account titles appear on the income statement.
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Solved in 2 steps
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