Where do I put one time expenses on a P&L statement, such as equipment? In the Cost of Sales or Expenses cat?

Answer 1

You don't. Equipment belongs on the balance sheet. What you put on the P&L statement is depreciation...

Answer 2

If you purchased equipment, generally it would be categorized as an "asset" on the balance sheet. For your tax return, you may be eligible to take the Section 179 election to expense the asset, which will reduce your taxable income. However, that doesn't change the fact that equipment (usually valued over a certain dollar amount) is an asset and doesn't belong on the p & l. If you're referring to other one time charges, I can't specifically answer where they would be categorized without knowing what they are.

Hope that helps!