Identify where each of the following accounts would be reported on the financial statements. (Choices may be used more than once.)
-Loss 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

Loss on disposal of plant assets is reported in the income statement under the "Other Revenue and Expense" section because it is considered an incidental or peripheral activity, not directly related to the primary operations of the business.

Identify Where Each of the Following Accounts Would Be Reported