Identify where each of the following accounts would be reported on the financial statements. (Choices may be used more than once.)
-Gain on disposal of plant asset
A)Balance Sheet--Property, Plant, and Equipment
B)Balance Sheet--Intangible Assets
C)Balance Sheet--Current Assets
D)Balance Sheet--Other Assets
E)Income Statement--Operating Section
F)Income Statement--Other Revenue and Expense Section

Question

Quizplus · Accepted Answer

The gain on disposal of a plant asset would be reported in the Other Revenue and Expense section of the Income Statement, which includes non-operating gains and losses. It would not be reported on the Balance Sheet, as it is not an asset or liability account.

Identify Where Each of the Following Accounts Would Be Reported