Income Statement Flashcards
1
Q
Sales
A
Sales revenue
Sales discounts
Sales returns and allowances
2
Q
Selling expenses
A
Salaries—sales
Advertising expense
Travel and entertainment
3
Q
Administrative expenses
A
Salaries—officers
Legal and professional services
Insurance expense
4
Q
Other revenue and gains
A
Rent revenue
Gain on sale of land
5
Q
Other expenses and losses
A
Interest on bonds and notes
