From the Following List of Items Taken from Lamar's Accounting

question 32

Short Answer

From the following list of items taken from Lamar's accounting records, identify those that would appear on the income statement.
(a)Rent expense
(b)Land
(c)Capital
(d)Fees earned
(e)Withdrawal
(f)Wages expense
(g)Investment

Apply cost flow assumptions in a perpetual inventory system.

Determine the effect of physical inventory count errors on the financial statements.

Understand the implications of FOB shipping terms on inventory accounting.

Compare the effects of FIFO and LIFO in a period of increasing costs.