Question

In: Accounting

Classifications Where would each of the following items most likely be reported in a company's financial...

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 B
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 B
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

Expert Solution

The income or expenses is reported in Income Statement, whereas asset or liability as at year ending date are reported in Balance sheet.
Also, the increase or decrease in cash due to operating, financing or investing activities are reported in cash flow statement.
The changes in shareholders equity including dividends and retained earnings are summarised in statement of changes in shareholders equity.

1. Bad debt expenses - Income Statement in other expenses.
2. Sales discounts taken - Income Statement in net sales revenue.

3. Depreciation expense on sales equipment - Income Statement in other expenses.

4. Loss from operations of discontinued Division B - Income Statement in income from discontinued operations.

5. Earnings per share - Income Statement after the profit after tax is shown.

6. Gain on sale of land - Income statement in other income

7. Administrative salaries - Income Statement in General Administrative expenses

8. Cash dividends declared and paid on common stock - statement of stockholders equity, deduction from retained earnings.

9. Gain from sale of discontinued Division B - Income Statement in income from discontinued operations.

10. Loss on sale of equipment - income statement

11. Advertising expense - Income Statement in sales promotion expenses

12. Merchandise inventory (ending) - Balance sheet asset side and Income Statement

13. Loss from write-off of obsolete inventory - income statement other items

14. Cash paid to acquire equipment - Balance sheet asset side and cash flow statement

15. Unrealized increase in fair value of available - other comprehensive Income Statement

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