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yes
yes, under operating expenses
INcome Statement
does discount allowed and discount received go into the income statement or balance sheet?
Income Statement under operating expenses.
yes
No, supplies do not go on the income statement. Supplies are considered to be an expense and are typically recorded on the balance sheet under the category of current assets. The cost of supplies is then deducted over time through the income statement as they are used or consumed in the business operations.
Supplies inventory is a part of balance sheet asset side while when those supplies used then those are supplies expenses which shows in income statement in profit and loss section.
Supplies are those items which purchased in bulk to be used during the operations of business so it is current asset and shown under current asset section of balance sheet and not part of income statement.
yes, under operating expenses
income statement
work in progress will not go on in income statement
INcome Statement
does discount allowed and discount received go into the income statement or balance sheet?
No, the income statement is for revenue and expenses only. Equipment will go on your balance sheet with your assets.
consulting revenue will go to income statement in case if the firms main business is consultancy then sales otherwise will go under other income.
It won't. Equipment will be recorded in the Statement of Financial Position (Balance Sheet) as an asset. with regards to the income statement the only entries relating to equipment would be deprecation expense, impairment expense and perhaps revaluation gain (although that would probably go into the Statement of Other Comprehensive Income- depending on policies)