Select the financial statement on which the user would most likely find the answer to the question given. (Select all that apply.)
-Did the company sell any property,plant,and equipment during the year at a gain or loss?
A)Income statement
B)Balance sheet
C)Statement of cash flows
D)Statement of retained earnings

Question

Quizplus · Accepted Answer

The income statement would report any gains or losses from the sale of property, plant, and equipment as part of the company's operating results. The statement of cash flows would show the cash received from the sale in the investing activities section, providing insight into whether the sale resulted in a gain or loss.

Select the Financial Statement on Which the User Would Most