Homework Soursewhat are the major classifications on income statement what
what are the major classifications on income statement?
what are the major classifications on income statement?
what are the major classifications on income statement?
Solution
The major revenue and cost classifications of an income statement are produced below in the form of a multi step income statement format.
| Income Statement | |||
| Multi Step Format | |||
| Details | Amt $ | AMT $ | |
| Sales Revenue | |||
| Less | Sales Return | ||
| Less | Sales Allowance | ||
| Less | Sales Discount | ||
| Net Sales Revenue | |||
| Cost of Goods Sold | |||
| Gross Profit | |||
| Operating Expenses | |||
| Selling Expenses | |||
| Salary Sales | |||
| Sales Commission | |||
| Advertisement | |||
| Travel expenses | |||
| Depreciation of sales equiment | |||
| Total Selling Expenses | |||
| Admin Expenses | |||
| Admin Salary | |||
| Supplies | |||
| Office Rent | |||
| Office Insurance | |||
| Depreciation of Office Equipment | |||
| Total Admin Expenses | |||
| Total Operating Expenses | |||
| Total Operating Income/(Loss) | |||
| Other Income & Expenses | |||
| Other revenue | |||
| Interest Income | |||
| Other Expenses | |||
| Interest Expense | |||
| Net Other Income /(Expense) | |||
| Income Before Tax | |||
| Income Tax expense | |||
| Net Income/(loss) | |||
