do you think that the sale of equip should be shown on the income statement net...
do you think that the sale of equip should be shown on the income statement net of tax?
Homework Answers
SALE OF EQUIPMENT ENTRY :-
| Cash / Accounts receivable ( sale proceeds are recorded here ) | Debit ( affects the balance sheet ) | |
| Profit / loss on SALE OF EQUIPMENT | Debit ( loss ) ( affects the Income statement ) | Credit ( gain )( affects the Income statement ) |
| Equipment | Credit ( ( affects the balance sheet ) |
Profit / loss on SALE OF EQUIPMENT is shown in the Income statement as operating expenses / operating revenues and tax effect is given at last to the income before tax.
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do you think that the sale of equip should be shown on the
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