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Q: Is this statement true or false gross profit minus selling expenses equals net income?
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Where are selling and administrative expenses found on the multiple-step income statement?

Selling and administration expenses are found under income statement after gross profit section and for the calculation of net profit


What does the contribution income statement hightlights?

Contribution income statement highlights the variable expenses as well fixed expenses incurred by company for selling goods or services.


Does salaries go on an income statement?

Yes, salaries are administration or selling expenses that's why it is shown under income statement of company.


Where are selling and administrative expenses found on the multi-step income statement?

after gross profit


Is store supplies expense a selling or general and administrative expense?

It is a selling expense to be accounted for on the Income Statement under Selling Expenses.


Where does travel go on income statement?

Travel expenses are expenses as all other normal business expenses and as all other business expenses are part of income statement traveling expenses are also part of income statement.


How does the contribution margin income statement differ from the income statement used in financial reporting?

Income statement in financial reporting is different in this sense that in that income statement all expenses and incomes are shown as incomes and expenses and there is no classification of fixed expenses or variable expense while in contribution margin income statement expenses are shown in this way that separate the fixed expenses from variable portion of expenses.


Does office supplies go in an income statement?

Yes office supplies are expenses and it is part of income statement as all expenses are shown in income statement.


Does Sales promotion expenses come in income statement?

All expenses comes in income statements same as sales promotion expenses are also shown in income statement.


Does telephone go on the income statement?

Telephone expenses are part of administration expenses which shown under income statement so that’s why telephone expenses also goes to income statement.


When are prepaid expenses are reported on the income statement as expenses?

When actual benefits are taken by business at that time prepaid expenses are converted to expenses and at that time prepaid expenses are shown as expenses in income statement.


What is a income statement equation?

Income less Expenses

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