Income Statement

Question 1

What is the first category of the income statement?

Answer 1

Sales Revenue (First)

Question 2

What comes after Net Sales?

Answer 2

Cost of Goods Sold (Second)

Question 3

What comes after Cost of Goods Sold?

Answer 3

Gross Profit (Third)

Question 4

What comes after Gross Profit?

Answer 4

Operating Expenses (Fourth)

Question 5

What comes after Operating Expenses?

Answer 5

Income from Operations (Fifth)

Question 6

What comes after Income from Operations?

Answer 6

Other Revenues and Gains (Sixth)

Question 7

What comes after Other Revenues and Gains?

Answer 7

Other Expenses and Losses (Seventh)

Question 8

What comes after Other Expenses and Losses?

Answer 8

Income before Income Tax (Eighth)

Question 9

What comes after Income before Income Tax?

Answer 9

Net Income (Ninth)

Question 10

What comes after Net Income?

Answer 10

Earnings per Common Share (Tenth and Final)

Question 11

Sales Revenue - Sales Discounts = ?

Answer 11

Net Sales

Question 12

Net Sales - Cost of Goods Sold = ?

Answer 12

Gross Profit

Question 13

Selling Expenses + General Administrative Expenses = ?

Answer 13

Operating Expenses

Question 14

Gross Profit - Operating Expenses = ?

Answer 14

Income from Operations

Question 15

Dividend Revenue + Gain on Sale of Equipment = ?

Answer 15

Other Revenues and Gains

Question 16

Interest on Bonds and Notes + Loss on Flood (or _____) = ?

Answer 16

Other Expenses and Losses

Question 17

Other Revenues and Gains - Other Expenses and Losses = ?

Answer 17

Income Before Income Tax

Question 18

Income Before Income Tax - Income Tax = ?

Answer 18

Net Income

Question 19

Net Income / Number of Common Shares Outstanding = ?

Answer 19

Earnings per Common Share

Question 20

Is Net Sales a Revenue or an Expense?

Answer 20

Revenue

Question 21

Is Gain on Sale of Equipment a Revenue or an Expense?

Answer 21

Revenue

Question 22

Is Cost of Goods Sold a Revenue or an Expense?

Answer 22

Expense

Question 23

Is Income Tax a Revenue or an Expense?

Answer 23

Expense

Question 24

What category does Selling Expenses fall under?

Answer 24

Operating Expenses

Question 25

What category does General and Administrative Expenses fall under?

Answer 25

Operating Expenses

Question 26

What category does Dividend Revenue fall under?

Answer 26

Other Revenues and Gains

Question 27

What category does Gain on Sale of Equipment fall under?

Answer 27

Other Revenues and Gains

Question 28

What category does Income on Bonds and Notes fall under?

Answer 28

Other Expenses and Losses

Question 29

What category does Loss on Flood fall under?

Answer 29

Other Expenses and Losses