A loss on the sale of a plant asset is disclosed in the financial statements (D) in the Other Expenses and Losses column of the income statement.
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What are financial statements?</h3>
Financial statements are documents that describe a company's operations and financial performance.
Government organizations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investing purposes.
Financial statements that must be provided are the income statement, balance sheet, and statement of cash flows.
These three statements can be used by traders as educational tools to assess a company's financial health and to quickly determine its underlying value.
The income statement's Other Expenses and Losses column is where a loss on the sale of a plant asset is disclosed in the financial statements.
Therefore, a loss on the sale of a plant asset is disclosed in the financial statements (D) in the Other Expenses and Losses column of the income statement.
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Correct question:
A loss on disposal of a plant asset is reported in the financial statements
A) as a direct increase to the capital account on the balance sheet.
B) in the Other Revenues and Gains section of the income statement.
C) as a direct decrease to the capital account on the balance sheet.
D) in the Other Expenses and Losses section of the income statement.
