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Are utility expenses recorded in balance sheet?
Utility expenses are recorded in the expenses section of an income statement
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
Does an unpaid expense appear on an income statement?
unpaid expenses (a.k.a payables) are recorded on the balance sheet in the current liabilities section.
Why is the Drawing account not extended to the Income Statement section?
The Drawing account is not extended to the Income Statement because it represents withdrawals made by the owner from the business for personal use, rather than business expenses or revenues. It is recorded in the equity section of the balance sheet, affecting the owner's equity but not the company's profitability. Including it in the Income Statement would misrepresent the business's financial performance, as it does not relate to the operations that generate income or expenses.
Where does supplies go in the income statement?
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.
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 should I deduct my computer expenses on Schedule C?
You should deduct your computer expenses on Schedule C under the "Other Expenses" section.
How abnormal loss in income statement?
abnormal loss is part of income statement and shown under other losses section or abnormal losses section of income statement.
Is Net Income the same as Cash?
No, Net Income is an item on a Profit/Loss statement. It is gross revenue minus all expenses. Depending on your type of business, you may have a Cost of Goods section, which would be subtracted from Gross Revenue, and an Expenses section, which is also subtracted from Gross Revenue to obtain Net Income. Cash outlays like Equipment Purchases and repaying the Principal portion of a loan are not considered expenses and do not affect Net Income. These type of transactions will affect the Balance Sheet. The amount of Cash that you have is also a balance sheet item. When equipment is purchased, it will be depreciated according to a depreciation table (determined by the class of equipment, could be something like a 3-year, 5-year, 10-year, 30-year, etc.) The amount of depreciation taken each year does go on the Profit/Loss Statement as an expense. For the loan payment, the portion of the payment that goes towards interest is an expense and will affect Net Income.
Where is admin expense posted in trial balance?
Admin expenses are typically posted in the trial balance under the "Expenses" section. This section is located below the revenue accounts and reflects all operating expenses incurred during a specific period. In a standard trial balance format, admin expenses contribute to the overall total of expenses, which is then used to calculate net income.
Describe a food chain that was not presented in this section?
the second oder consumer
Where does office supplies go on an income statement?
Office supplies are typically categorized as operating expenses on an income statement. They are recorded under the selling, general, and administrative (SG&A) expenses section. The costs associated with office supplies are deducted from total revenue to calculate the net income for the period. If they are purchased in bulk and have a long-term use, they may initially be recorded as an asset and expensed over time through depreciation or amortization.
