The left and right columns on the financial statements are used for debits and credits.
56) The amount for Cost of Goods Sold is found on the worksheet.
57) Land is listed first under Plant and Equipment.
58) The formal income statement can be prepared from the income statement columns of the worksheet.
59) Gross profit minus Operating Expenses equals Net Income.
60) The statement of owner's equity ending capital is equal to the capital on the worksheet.
61) Non-operating expenses are found in the Cost of Goods Sold section of the income statement.
62) A balance sheet where assets and liabilities are broken down into more detail is called a comprehensive balance sheet.
63) Cost of goods available for sale is equal to beginning inventory + net cost of purchases.
64) The average time it takes to buy and sell merchandise and collect Accounts Receivable is the normal operating cycle for a business.
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