Adjusting Entries tor UNTING Weygandt, Accounting Principles, 126e sety & Practi

Question

Adjusting Entries tor UNTING Weygandt, Accounting Principles, 126e sety & Practice en Assignment RCES ork evel Brief Exercise S-5 2 Your answer is partially correct. Try again. State where each of the following items would appear on (1) a multiple-step income statement, and on (2) a single- gain on sale of equipment, (b) interest expense, (c) casualty loss from vandalism, and (d) cost of goods sold. Multiple-Step Income Statement Single-Step Income Statemen Item Section Section (a) Gain on sale of equipment Gross Profit (b) Interest expense Other Expenses and Losses v Other Expenses and Losses Expenses (d) Cost of goods sold Expenses Expenses TO TEX Question Attempts: 2 of 3 used

Explanation / Answer

Gain on sales of equipment - Other Incomes & gains

Cost of goods sold- Cost of goods sold or Operating expense (if cost of goods not there in option).

The multiple-step profit and loss statement segregates the operating revenues and operating expenses from the nonoperating revenues, nonoperating expenses, gains, and losses.

Cost of goods sold will be substracted from Sales to find out the Gross profit.

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