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Why do some items get "special presentation" on the income statement

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13y ago

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Does sales return and allowances go on the statement of earnings?

--> another term for Statement of Earnings is Income Statement --> in income statement, you deduct the Sales Return & Allowances from the Gross Sales to come up with Net Sales --> in presentation purposes, usually it is only the Net Sales account that is shown


How do you do Income statement?

Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.


How do you prepare comparative income statement?

Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.


What are the two categories of the income statement?

Following are two catagories of income statement: 1- Single Step Income statement 2- Multy-step income statement


Is income statement same as financial statement?

no. income statement is a only a statement in financial statements.


What is a projected income statement?

projected income statement is the estimated income statement to estimate the future business position.


Which financial statement summarises income and expenditure?

income statement


Does fees earned go on an income statement?

income statement


What are the Types of income statement?

1. Single step income statement 2 – Multi-step income statement


Consolidated income statement?

Consolidated income statement is that statement in which expenses and incomes of subsidiary as well as parents companies shown as a joint in one single income statement.


Are the income a balance sheet account?

Income is an income statement account and shown in income statement and not a balance sheet account.


What is a PL statement?

income statement