Tell whether each of the following accounts is part of net sales, cost of goods sold, operating expenses, or other revenues and expenses, or is not on the income statement: 1. Delivery Expense 2. Interest Expense 3. Uneamed Revenues 4. Sales Returns and Allowances 5. Cost of Sales 6. Depreciation Expense 7. Investment Income 8. Owner's Capital 9. Repair Revenues 10. Fuel Expense

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Problem 2-3 Classification of Accounts: Income Statement
Tell whether each of the following accounts is part of net sales, cost of goods sold, operating
expenses, or other revenues and expenses, or is not on the income statement:
1. Delivery Expense
2. Interest Expense
3. Unearned Revenues
4. Sales Retums and Allowances
5. Cost of Sales
6. Depreciation Expense
7. Investment Income
8. Owner's Capital
9. Repair Revenues
10. Fuel Expense
Transcribed Image Text:Problem 2-3 Classification of Accounts: Income Statement Tell whether each of the following accounts is part of net sales, cost of goods sold, operating expenses, or other revenues and expenses, or is not on the income statement: 1. Delivery Expense 2. Interest Expense 3. Unearned Revenues 4. Sales Retums and Allowances 5. Cost of Sales 6. Depreciation Expense 7. Investment Income 8. Owner's Capital 9. Repair Revenues 10. Fuel Expense
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