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You recently purchased a donut shop and are creating your first quarterly income statement. Some of...

You recently purchased a donut shop and are creating your first quarterly income statement. Some of the entries for the first quarter are ready to be entered into the statement. Select the correct section of the income statement for each item.
a. Donut sales: $15,000. SelectCosts of goods sold (COGS)ExpensesRevenueTaxesItem 1
b. Income taxes: $1,000. SelectCosts of goods sold (COGS)ExpensesRevenueTaxesItem 2
c. Rent: $3,000. SelectCosts of goods sold (COGS)ExpensesRevenueTaxesItem 3
d. Dough: $4,000. SelectCosts of goods sold (COGS)ExpensesRevenueTaxesItem 4
e. Coffee beans: $1,000. SelectCosts of goods sold (COGS)ExpensesRevenueTaxesItem 5
f. Coffee sales: $2,000. SelectCosts of goods sold (COGS)ExpensesRevenueTaxes

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Answer #1
Section
a Donout Sales: $15,000 Revenue
b Income Taxes:$1,000 Taxes
c Rent:$3,000 Expenses
d Dough:$4,000 Cost of Goods Sold
e Coffe Beans :$1,000 Cost of Goods Sold
f Coffe Sales:$2,000 Revenue
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