Identify the proper sequence in which following items would be presented on the income statement Interest...
-
Identify the proper sequence in which following items would be presented on the income statement
- Interest Expense
- Gross Profit
- Advertising Expense
- Operating Income
- Income Tax Expense
a. 3, 2, 4, 1, 5
b. 2, 3, 4, 1, 5
c. 2, 1, 3, 4, 5
d. 1, 2, 3, 5, 4
Homework Answers
Answer: Option b: 2,3,4,1,5
Explanation:
We Know that
Operating Income = Gross Profit - Advertisement Expense
Net Income = Operating Income - Interest Income - Income tax Expense
By the Above formulas we can conclude that the Sequence is as under:
Gross Profit , Advertisement Expense, Operating Income , Interest Income , Income tax Expense
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