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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?
A. As a revenue
B. As an asset
C. As a liability
D. As an expense
During 2011, Washington paid salaries of $14,000, and on December 31, 2011, the company accrued salaries of $1,200. What would Washington report for service revenue for 2011?
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