Land is an asset and fixed or long term asset of business and all assets and liabilities are part of balance sheet and not part of income statement so land is shown under long term assets in balance sheet.
Land is a fixed asset for business and all assets and liabilities arrives in balance sheet of business while income and expenses are shown in income statement so land is not part of income statement.
Loss on sale of land is added back to net income in operating activities and sale of land is shown under investing activity as a reduction in amount.
rental income
Depreciation of any asset is charged to income statement till the actual date of disposal of asset and after that date depreciation is not charged to income statement.
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Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
No, bank expenses do not typically go on the income statement. Bank expenses are usually recorded on the bank's own financial statements as part of their operating expenses. The income statement of a bank would typically include items such as interest income, loan loss provisions, and non-interest income.
Statement of Cash Flows, Income Statement, Statement of Retained EarningsThose are three that I can think of off the top of my head
Following are two catagories of income statement: 1- Single Step Income statement 2- Multy-step income statement
no. income statement is a only a statement in financial statements.
projected income statement is the estimated income statement to estimate the future business position.
income statement