INCOME STATEMENT RELATED BALANCE SHEET ACCOUNTS AND OTHER COMMENTS Sales Accounts Receivable net of Reserve for Uncollectible Accounts -- Cost of Goods Sold Inventory, Accounts Payable. Watch for any direct depreciation expense that is included in COGS. . = Gross Profit-- Selling, General and Administrative Expenses (Operating Expenses) Prepaid Expenses and Accrued Liabilities excuding Interest Payable and Income Taxes Payable A Non-Cash Expense. Sometimes reflected in Operating Expenses.-- Depreciation Expense A Non-Cash Expense. -- Amorization Expense A Non-Cash Expense. = Operating Income (EBIT)-- Interest Expense Interest Payable. Sometimes reflected in Accrued Liabilities
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