Income Statement Flashcards
What is the first category of the income statement?
Sales Revenue (First)
What comes after Net Sales?
Cost of Goods Sold (Second)
What comes after Cost of Goods Sold?
Gross Profit (Third)
What comes after Gross Profit?
Operating Expenses (Fourth)
What comes after Operating Expenses?
Income from Operations (Fifth)
What comes after Income from Operations?
Other Revenues and Gains (Sixth)
What comes after Other Revenues and Gains?
Other Expenses and Losses (Seventh)
What comes after Other Expenses and Losses?
Income before Income Tax (Eighth)
What comes after Income before Income Tax?
Net Income (Ninth)
What comes after Net Income?
Earnings per Common Share (Tenth and Final)
Sales Revenue - Sales Discounts = ?
Net Sales
Net Sales - Cost of Goods Sold = ?
Gross Profit
Selling Expenses + General Administrative Expenses = ?
Operating Expenses
Gross Profit - Operating Expenses = ?
Income from Operations
Dividend Revenue + Gain on Sale of Equipment = ?
Other Revenues and Gains
Interest on Bonds and Notes + Loss on Flood (or _____) = ?
Other Expenses and Losses
Other Revenues and Gains - Other Expenses and Losses = ?
Income Before Income Tax
Income Before Income Tax - Income Tax = ?
Net Income
Net Income / Number of Common Shares Outstanding = ?
Earnings per Common Share
Is Net Sales a Revenue or an Expense?
Revenue
Is Gain on Sale of Equipment a Revenue or an Expense?
Revenue
Is Cost of Goods Sold a Revenue or an Expense?
Expense
Is Income Tax a Revenue or an Expense?
Expense
What category does Selling Expenses fall under?
Operating Expenses
