0
What else can I help you with?
Where does loss on asset fall in the balance sheet or income statement?
Loss on Asset: It is shown under income statement as a expanse in the year of disposal of asset.
Where is Profit and Loss post in balance sheet?
In case of profit Liability side. In case of loss Asset side.
Where does loss appear on the balance sheet?
Loss is shown in asset side of business as other asset because it has debit balance and reverse of profit which has credit balance.
Is Loss on Sale of Asset a Equity account or Income Account?
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.
Where will loss appear in balance sheet?
Loss is shown under asset side of business as it has debit balance and reverse of profit which is shown under owner equity section.
Is the acquisition of non current assets included in the income statement?
Acquisition amount of purchase of non-current asset is shown in balance sheet while any profit or loss incurred for purchase of assets is shown in income statement.
Is Prepaid insurance expense an asset?
Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.
What are the implications of Negative General Reserve in balance sheet of a company?
It would be shown as Debit Balance of Profit & Loss Account on Asset side
What is the profit or loss on sale of fixed assets?
In cash flow from operating activities in cash flow statement, loss on sale of asset is included to net profit to arrive at cash flow from operating activities and shown under cash flow from investing activities as this is part of investing activities but in normal net income it is shown as an adjustment which needs to be adjusted to arrive at cash flow from operating activities.
What part of balance sheet the amortization?
Amortization is shown as deduction from intangible asset like depreciation is shown as deduction from tangible asset.
Is cash revenue or asset?
Cash is an asset, shown on a company's balance sheet.
Is cash an asset or revenue?
Cash is an asset, shown on a company's balance sheet.
