Which of the following is considered to be an expense on the income statement?
Posted: Sat Aug 07, 2021 6:44 am
A) Accounts payable.
B) Notes payable.
C) Wages payable.
D) Cost of goods sold.
Answer: D
Explanation: Income statements begin with sales less cost of goods sold.
B) Notes payable.
C) Wages payable.
D) Cost of goods sold.
Answer: D
Explanation: Income statements begin with sales less cost of goods sold.