The Statement of ;s Equity is the same for a service business as for a merchandi
The Statement of Owner's Equity is the same for a service business as for a merchandise business.
66) When calculating Cost of Goods Sold on the Income Statement, the beginning and ending inventory values are both required.
67) Operating expenses that are not related to the selling of goods are administrative expenses.
68) Net income from operations plus other income minus other expenses equals net income.
69) Gross profit minus cost of goods sold equals net sales.
70) Administrative expenses are also called general expenses.
71) Canada Pension Plan Payable would be classified as a current liability.
72) Store Equipment would normally be classified as a current asset.
73) Merchandise Inventory would be classified as a current asset.
74) Prepaid Insurance would be classified as a current asset.