Losses and gains on the sale of instruments are reported on
A) the income statement under current operations.
B) the balance sheet with long-term investments.
C) the income statement under other revenue and expenses.
D) the balance sheet with short-term investments.

Question

Quizplus · Accepted Answer

Gains and losses on the sale of instruments are typically reported on the income statement under the section for other revenues and expenses. This is because they are considered incidental to the main operations of the business.

Losses and Gains on the Sale of Instruments Are Reported