Question

Select the financial statement on which the user would most likely find the answer to the...

Select the financial statement on which the user would most likely find the answer to the question given. (Select all that apply.) How much depreciation expense did the company report during the year?

a.Statement of retained earnings

b.Income statement

c.Balance sheet

d.Statement of cash flows

Business   Accounting   
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Answer #1
  • Depreciation expense is an ‘expense’ item.
  • Hence, it will most likely be found on [b] Income Statement, because Income Statement contains ‘revenues’ and ‘expense’ items.
  • Please note that if Statement of Cash flows is prepared using INDIRECT method, the depreciation expense will also be presented on the statement of cash flows under Operating activities.
  • Hence,
    >First choice of answer would be [b] Income Statement,
    >Second choice [in addition to first one] would be [d] Statement of Cash flows
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