Question

Identify whether the following items would be reported on the income statement (IS) or statement of...

Identify whether the following items would be reported on the income statement (IS) or statement of financial position (FP).

1.   Service Revenue

2.   Cash

3.   Interest Expense

4.   Notes Payable

5.   Salaries Expense

Business   Accounting   
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Homework Answers

Answer #1

Ans:

Income statement : Income statement contains all the informations of Revenues and expesnes for the given Period.

Statement of Financial Statement : Statement of Financial Statement contains all assets and liabilities inculding ower equity.

So for the given Items:

1 Service Revenue Income statement
2 Cash Statement of Financial Statement
3 Interest Expense Income statement
4 Notes Payable Statement of Financial Statement
5 Salaries Expense Income statement

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