For each item below, indicate to which category of elements of financial statements it belongs (a) Retained earnings (b) Sales (c) Additional paid in capital (d) Inventory (e) Depreciation (f) Loss on sale of equipment (g) Interest payable (h) Dividends (i) Gain on sale of investment (j) Issuance o...

For each item below, indicate to which category of elements of financial statements it belongs. (a) Retained

Question:

For each item below, indicate to which category of elements of financial statements it belongs.

(a) Retained earnings

(b) Sales

(d) Inventory

(e) Depreciation

(f) Loss on sale of equipment

(g) Interest payable

(h) Dividends

(i) Gain on sale of investment

(j) Issuance of common stock

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... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...