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Do supplies go on income statement?
Supplies are typically recorded as assets on the balance sheet when purchased. However, as they are used during a specific accounting period, their cost is expensed on the income statement under "supplies expense" or a similar category. This reflects the consumption of supplies as part of the company's operating activities. Thus, while supplies themselves don't appear directly on the income statement, their expense does.
What type of expense would use office supplies on hand that will be used in the next period?
Office supplies on hand that will be used in the next period are typically classified as a current asset rather than an expense. When these supplies are purchased, they are recorded as inventory. As they are utilized in the subsequent period, their cost is then recognized as an expense, specifically under "office supplies expense" in the income statement. This aligns with the matching principle in accounting, which aims to match expenses with the revenues they help generate.
Where to post bad debt expense on income statement?
It should be posted under operating expense.
Does office depreciation expense go on income statement?
yes, under operating expenses
Do you put an independent contractor as an expense or income in the general ledger?
An independent contractor is classified as an expense in the general ledger. When you pay an independent contractor for their services, you record the payment as an expense, typically under a category such as "Contract Labor" or "Professional Services." This reflects the cost of the services provided, which reduces your net income. Income, on the other hand, refers to revenue generated from your business activities.
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.
Does supplies go on the income statement?
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.
Where to post bad debt expense on income statement?
It should be posted under operating expense.
What account type is salary?
Salary is an expense for business and that's why shown under income statement as an expense.
Should investments be listed under expense or revenue in an income statement?
The money that you invest should be counted as an expense. The income from your investment would be considered revenue.
Is marketing expense a period cost?
Marketing expense is not a period cost. Typically, marketing expense will be reflected under S&A on the income statement.
Does office depreciation expense go on income statement?
yes, under operating expenses
Where does utilities expense appear on the financial statement?
It typically falls on the income statement under general and administrative expenses.
Does loan go under income statement as an expense?
No, it is a liability and goes on the right side of a balance sheet.
Where is i reported in the financial statements?
Need more clarification: i = interest? (if expense: shown in income statement, under expenses. if revenue: shown in income statement, under revenues) i = investment? (is an asset, showin in the asset section of the balance sheet) i = income? ( shown in the income statement)
WHERE DOES RENT EXPENSE GO IN ACCOUNTING?
In accounting, rent expense is classified as an operating expense and is recorded on the income statement. It reduces the net income for the period, as it is a cost incurred in the process of generating revenue. On the balance sheet, any unpaid rent at the end of the accounting period is recorded as a liability under accrued expenses or accounts payable.
Where do supplies go in income statement?
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.
