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Cost of goods sold classified in financial? statements

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Reference no: EM133272835

1. Thomastown Corporation purchased a new delivery van on the last day of its fiscal year. The cost of the delivery van will appear on? Thomastown's _______________ in the year of purchase.

Part 1

A. balance sheet

B. statement of? stockholders' equity

C. statement of retained earnings

D. income statement

2. How is cost of goods sold classified in the financial? statements?

Part 1

A. As a revenue

B. As an asset

C. As a liability

D. As an expense

Reference no: EM133272835

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