Accounting Statement
I am doing an income statement for accounting class?
I would like to know if an account called “Loss on Sale of Equipment” would be part of Expenses (expenses such as Rent Expense, General Expense,etc.)
Depending on what class you are in you might be looking for a more in-depth answer.
If it is an introductory class, it is an expense.
More in-depth answer: It’s a non-operating expense meaning it shows up under its own heading on the income statement. General expenses usually relate to core business operations and are considered operating expenses. You can look at the income statement like this:
Operating Section:
Revenue
+Sales
+Etc.
Expenses
-Bad Debt
-Etc.
=Operating Income
Non-Operating Section:
Other Revenue
+Gain on Sale of Land
+Etc.
Other Expenses
-Loss on Sale of Equipment
-Etc.
=Non-operating Income
Operating Income + Non-Operating Income = Net Income Before Taxes
WST: 1.4 Accounting – Financial Statements Integration
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