Solve this question. Loss on sale of equipment account Multi-Concept Exercises x

Question

Solve this question. Loss on sale of equipment account Multi-Concept Exercises xercise 2-7 Financial Statement Classification LO 2, 3,4 Potential shareholders and lender s are interested in a company's financial statements. For the list below, identify the statement-balance sheet (BS), income statement (IS), retained earnings statement (RE)-on which each item would appear. 11. Dividends 12. Land held for future expansion 13. Loss on the sale of equipment 14. Office supplies 15. Organizational costs 16. Patent amortization expense 17. Retained earnings 18. Sales 19. Unearned revenue 20. Utilities expense 1. Accounts payable 2. Accounts receivable 3. Advertising expense 4. Bad debt expense 5. Bonds payable 6. Buildings 7. Cash 8. Common stock 9. Deferred income taxes 10. Depreciation expense

Explanation / Answer

All Assets, Liabilities and Equity are Reported in Balance Sheet

BS - 1. Accounts Payable
BS - 2. Accounts Receivable
BS - 5. Bonds Payable
BS - 6. Building
BS - 7. Cash
BS - 8. Common Stock
BS - 9. Defferred Inome Taxes
BS - 12. Land Held for future expansion
BS - 14. Office Supplies
BS - 17. Retained Earnings
BS - 19. Unearned Revenue

All Revenue, Expenses and Losses are Reported in Income Statement

IS - 3. Advertising Expense
IS - 4. Bad Debt Expense
IS - 10. Depreciation Expense
IS - 13. Loss on the sale of Equipment
IS - 15. Organizational Costs
IS - 16. Patent Amortization Expense
IS - 18. Sales
IS - 20. Utilities Expense

Retained Earning Includes , Net Income & Dividend for the year

RE - 11. Dividends

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