For each account listed in below, identify which reporting section (a through d) each would appear on a company's financial statements.You may use each letter more than once or not at all.
-Goodwill
A) Balance sheet-property, plant, and equipment
B) Balance sheet-intangible assets
C) Balance sheet-other
D) Income statement

Question

Quizplus · Accepted Answer

Goodwill is an intangible asset that arises when a business is acquired for more than the fair value of its net identifiable assets. Therefore, it is reported on the balance sheet under intangible assets.

For Each Account Listed in Below, Identify Which Reporting Section