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smokedetector
Jun 12, 2008, 02:02 PM
In a single step income statement, would "common stock outstanding" fall under expenses and losses or revenues and gains? I'm not sure I understand what it means.

morgaine300
Jun 12, 2008, 06:57 PM
Stock doesn't go on an income statement at all. It's an equity account.

Your accounting equation is the balance sheet:
assets = liabilities + equity

Revenues and expense (which affect equity) are your income statement.