Where should the following items be shown on the balance sheet, if shown at all (a) Allowance for doubtful accounts receivable (b) Merchandise held on consignment (c) Advances received on sales contract (d) Cash surrender value of life insurance (e) Land (f) Merchandise out on consignment (g) Franc...

a Allowance for doubtful accounts receivable should be deducted from accounts receivable ...

Where should the following items be shown on the balance sheet, if shown at all? (a) Allowance

Question:

Where should the following items be shown on the balance sheet, if shown at all?

(a) Allowance for doubtful accounts receivable.

(b) Merchandise held on consignment.

(d) Cash surrender value of life insurance.

(e) Land.

(f) Merchandise out on consignment.

(g) Franchises.

(h) Accumulated depreciation of plant and equipment.

(i) Materials in transit—purchased f.o.b. destination.

Depreciation
Depreciation is an important concept in accounting. By definition, depreciation is the wear and tear in the value of a noncurrent asset over its useful life. In simple words, depreciation is the cost of operating a noncurrent asset producing...