Question

Prepare a proper title for the annual schedule of cost of goods manufactured of Google. Does the date match the balance sheet or income statement? Why?

Short answer

The date matches the period of the income statement.

Step-by-step solution

Meaning of Income Statement

An income statement refers to a statement that a company is requiredto prepare to calculate profits or lossesby deducting the costs from the revenue.

Preparing and explaining a proper title for the annual schedule of cost of goods manufactured by Google

Google

Schedule of Cost of Goods Manufactured

For Year Ended

The time frame of the income statement corresponds to the date. When calculating the cost of products available for sale for the cost of goods sold section, the income statement is supported by the schedule of cost of goods manufactured