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Loss on sale of asset reduces the actual profit of company that's why it is a part of income statement and shown as an expense to business.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoLoss on sale of asset reduces the actual profit of company that's why it is a part of income statement and shown as an expense to business.
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Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is account revenue an asset?
No, it is an owner's equity account.
What transaction would decrease an asset account and decrease the owner's equity account?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
Is drawing account current asset?
An owner's draw account is not an asset account, but an equity account. It is grouped with other equity accounts, like the owner's investment, and retained earnings.
What transaction would decrease an asset account and decrease the owner and equity account?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
What transaction would decrease an asset account and decrease the owner equity account.?
Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?
Is service revenue an asset account?
No, it is an owner's equity account.
Is drawings an asset equity or liability account?
equity
Is sales an asset account?
Sales is generally considered "Revenue" or "Income" and therefore are an Owners Equity Account. Sales affect Retained Earnings and Retained Earnings affects Owners Equity.
Is accumulated depreciation an owner's equity account?
No. It is a contra asset account
Is stockholders equity an asset account?
Stockholder equity is a liability account as it is refundable by business at time of liquidation.
What are the income account titles?
asset
