A. On which two financial statements would the Retained Earnings account appear?
A. On which two financial statements would the Retained Earnings account appear?
Income Statement and Balance Sheet
Income Statement and Statement of Equity
Balance Sheet and Statement of Cash Flows
Balance Sheet and Statement of Equity
B. On which financial statement would the Supplies account appear?
Income Statement
Statement of Equity
Statement of Cash Flows
Balance Sheet
C. Services or products provided would be classified as
Revenue
Asset
Equity
Liability
Homework Answers
Ans. A Option 4 Balance sheet and Statement of equity
Explanation: In the statement of change in owner's equity, the ending balance of retained earnings is calculated. Then this balance is listed in the balance sheet.
Ans. B Option 4 Balance sheet
Explanation: Supplies are known as current assets and the current assets are the part of balance sheet.
Ans. C Option 1 Revenue
Explanation: Providing services generate revenues. These are known as service revenues and listed in an Income statement.
Add Answer to:
A. On which two financial statements would the Retained Earnings account appear?
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