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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Classifications Where would each of the following items most likely be reported in a company’s financial statements? Assume the monetary amount of each item is material.

  1. 1. Bad debts expense
  2. 2. Sales discounts taken
  3. 3. Depreciation expense on sales equipment
  4. 4. Loss from operations of discontinued Division В
  5. 5. Earnings per share
  6. 6. Gain on sale of land
  7. 7. Administrative salaries
  8. 8. Cash dividends declared and paid on common stock
  9. 9. Gain from sale of discontinued Division В
  10. 10. Loss on sale of equipment
  11. 11. Advertising expense
  12. 12. Merchandise inventory (ending)
  13. 13. Loss from write-off of obsolete inventory
  14. 14. Cash paid to acquire equipment
  15. 15. Unrealized increase in fair value of available-for-sale securities

To determine

Identify in which of the financial statement the given items of the company would be reported.

Explanation

Identify in which of the financial statement the given items of the company would be reported as follows:

ParticularsFinancial statements
1. Bad debts expenseIncome statement
2. Sales discounts takenIncome statement
3. Depreciation expense on sales equipmentIncome statement
4. Loss from operations of discontinued Division BIncome statement
5. Earnings per shareIncome statement
6. Gain on sale of landIncome statement
7. Administrative salariesIncome statement
8. Cash dividends declared and paid on common stockStatement of shareholders’ equity and statement of cash flows
9...

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