Accounting for IGCSE & O level - Accounting Procedures (Section 26 - No. 40)
Which financial statement(s) will be directly impacted by a loss on the disposal of a non-current asset?
Income Statement
Statement of Cash Flows
Balance Sheet
Statement of Changes in Equity
Explanation
The Income Statement will show the loss, and the Balance Sheet will reflect the removal of the asset and changes in retained earnings.
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