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Breakdown of Expenses
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Terms in this set (6)
Cost of Goods Sold
the amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies
Selling, General, and Administrative Expenses
These include such expenses as advertising, management salaries, rent, and utilities
Depreciation and amortization
To reflect the "using up" of tangible and intangible assets
Tax expense
- expense to company
-appears on income statement
- examples: income tax, employer payroll taxes, sales tax paid by company on its purchases
Interest Expense
the interest accrued on money borrowed that needs to be paid
Losses
Decreases in assets from transactions incidental to the firm's day to day activities
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