For example, if a fire destroyed the same $6,000 classroom but the payout was $7,000, you have a gain in proceeds of $1,000. If your insurance does not reimburse the loss, enter the dollar amount of the damage, and reduce or write off the asset. For example, a manufacturing company purchases a machine on Dec. […]

Content COMPANY Classified Balance Sheet Example Classified Balance Sheet Definition What Is a Classified Balance Sheet, and Do You Need One for Your Business? Total experience of 20 years in providing businesses solution in  Taxation, Accounting, and Finance with all statutory compliance with timely business performance Financials reports. You can contact me on [email protected] or […]