Question:
Gains and losses are reported multiple choice as operating items on the income statement. In the operating activities section of the statement of cash flows. As nonoperating items on the income statement. In the financing activities section of the statement of cash flows.
Answer: As nonoperating items on the income statement.
Related Questions:
- On January 1, year 1, Marino moving company paid $48,000 cash to purchase a truck. The truck was expected to have a four-year useful life and an $8,000 salvage value. If Marino uses the straight-line method, the amount of depreciation expense recognized on the year 2 income statement is
- On January 1, year 1, Marino moving company paid $48,000 cash to purchase a truck. The truck was expected to have a four-year useful life and an $8,000 salvage value. If Marino uses the straight-line method, the amount of book value shown on the year 2 balance sheet is