0
Extra ordinary gains is shown in income statement of the company and it is not shown in the balance sheet of the company.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Extraordinary items on the balance sheet?
yes, right above or below discontinued operations
How do you report gains and losses?
Gains and losses are reported on a profit and loss statement. NOT a balance sheet. P&L is the abbreviation.
Where do you place vehicles in classified balance sheet?
Assest side of balance sheet
Are gains and losses listed on the balance sheet or income statement?
Gains and losses are listed in the income statement, because they factor into the calculation of net income. Net income is later reflected on the balance sheet once it is closed into Retaind Earnings.
How to place prepayments on balance sheet?
prepayments are part of asset side of balance sheet and shown as current or other assets in balance sheet.
Why does balance sheet balance?
balance sheet get balance due to the accounting principle Dual aspect. In it each and every transaction has debit and credit having equal amount. Debit the gains is equal to the Credit the losses. one of the gain is acquired then, there must be any losses. due to this principle it's getting balance.
Where do you place franchise in a classified balance sheet?
intangible asset
Is Loan on balance sheet or off balance sheet?
Loan is on balance sheet
Difference between on balance sheet financing and off balance sheet financing?
In off-balance sheet financing assets are not shown in balance sheet while in balance sheet financing fixed assets shown in balance sheet.
Where do you place mortgage payable in a classified balance sheet?
In the liabilities section
Where do you place patent in a classified balance sheet?
Answer:Under 'Intangible assets'.
What accounts are balance sheet accounts?
A balance sheet account is any item that is found on the financial statement known as the balance sheet. The figures reflected on the balance sheet, consist of the ending balance of the balance sheet account. After all the transactions are posted in the individual balance sheet account's "T" account (involving debits and credits), the ending balance is the amount found on the balance sheet.
