The Cost of Goods Sold can be found on which of the below company financial statements:...
The Cost of Goods Sold can be found on which of the below company financial statements:
A. Balance Sheet
B. Income Statement
C. Consolidated Statement of Shareholders' Equity
D. Statement of Goods Sold
E. Statement of Cash Flows
Homework Answers
Answer: D. Statement of goods sold.
Explanation: Income statement consists of the revenue and expenses incurred by the business and with the income statement, the profitability of the business can be identified. The cost of goods sold is included in the income statement under the expense because the procurement, raw material, storage, and processing incurs cost.
The statement of goods sold contains the cost of the goods sold in a detailed way and each and every expense related to the goods are captured. So, the option is statement of goods sold.
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The Cost of Goods Sold can be found on which of the below
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