does discount allowed and discount received go into the income statement or balance sheet?
It belongs on the Income Statement.
Accounts receivable is not reflected in the income statement but the balance sheet. Sales, both cash and credit is.
Nope. It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L.
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L
INcome Statement
sales is not part of cash flow statement and sales is part of income statement.
It belongs on the Income Statement.
--> 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
consulting revenue will go to income statement in case if the firms main business is consultancy then sales otherwise will go under other income.
Accounts receivable is not reflected in the income statement but the balance sheet. Sales, both cash and credit is.
Sales commission payable is not part of income statement and it is shown in balance sheet as current liability in liability side of balance sheet.
I didn't even get an answer
Loss on sale of land is added back to net income in operating activities and sale of land is shown under investing activity as a reduction in amount.
Nope. It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L.
income statement
Credit sales are recorded under "Revenue" or "Sales" on the income statement, reflecting the total sales made on credit during the accounting period. This amount contributes to the company's top line, representing the income generated from goods or services sold, regardless of whether payment has been received. It is important to note that credit sales are recognized when the sale occurs, not when cash is collected.
work in progress will not go on in income statement