Asked by
Sarah Carver
on Nov 13, 2024Verified
Interest expense is reported in the Operating expense section of the income statement.
Interest Expense
This is the cost incurred by an entity for borrowed funds, usually presented as an expense on the income statement.
Operating Expense
Expenses incurred through normal business operations, such as rent, utilities, and payroll.
Income Statement
A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period.
- Recognize the role and characteristics of current liabilities in financial statements.
Verified Answer
NJ
Learning Objectives
- Recognize the role and characteristics of current liabilities in financial statements.