what catergorie does this fit in. utilities: does is fit in income statement or in statement of changes in owner equity or balance sheet. i think statement in chnges in owner equity is the answers if wrong please correct.

Based on the information provided, utilities typically fall under the category of expenses on the income statement.

The income statement is a financial statement that summarizes the revenues, expenses, and net income or loss of a business over a specific period of time. It helps to show the profitability of a company by subtracting the total expenses from the total revenues.

Utilities expenses include costs incurred for electricity, water, gas, or other essential services needed to operate the business. These expenses are deducted from the total revenues to calculate the net income or loss on the income statement.

On the other hand, the statement of changes in owner's equity focuses on tracking the changes in the shareholders' equity of a company, which includes investments, net income/loss, and other equity-related items. It is not typically where utilities expenses would be recorded.

Therefore, the correct answer is that utilities expenses would be classified on the income statement.

Multiple Post. Please see the later post with the same question.

Sra