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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
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. Bad debts expense
- 2. Sales discounts taken
- 3. Depreciation expense on sales equipment
- 4. Loss from operations of discontinued Division В
- 5. Earnings per share
- 6. Gain on sale of land
- 7. Administrative salaries
- 8. Cash dividends declared and paid on common stock
- 9. Gain from sale of discontinued Division В
- 10. Loss on sale of equipment
- 11. Advertising expense
- 12. Merchandise inventory (ending)
- 13. Loss from write-off of obsolete inventory
- 14. Cash paid to acquire equipment
- 15. Unrealized increase in fair value of available-for-sale securities
Identify in which of the financial statement the given items of the company would be reported.
Identify in which of the financial statement the given items of the company would be reported as follows:
| Particulars | Financial statements |
| 1. Bad debts expense | Income statement |
| 2. Sales discounts taken | Income statement |
| 3. Depreciation expense on sales equipment | Income statement |
| 4. Loss from operations of discontinued Division B | Income statement |
| 5. Earnings per share | Income statement |
| 6. Gain on sale of land | Income statement |
| 7. Administrative salaries | Income statement |
| 8. Cash dividends declared and paid on common stock | Statement of shareholders’ equity and statement of cash flows |
| 9... |
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