Question

- 10 Question 8 View Policies Current Attempt in Progress Listed in alphabetical order the following selected items (in thousands) were taken from Carla Vista Information Technology Company's December 31, 2021, financial statements: 1. Accounts payable $900 7. Rent expense 2 Accounts receivable 910 8. S. Carla Vista, capital Jan 1 3. Cash 4,900 9. S. Carla Vista, drawings 4. Consulting revenue 17.200 10. Salaries expense 5. Equipment 5.790 11. Utilities expense 6. Interest expense $4,630 6,280 3.090 3.200 480 710 In each case, identify whether the item is an asset, liability, capital drawings, revenue, or expense item and also identify which financial statement-income statement, statement of owner's equity, or balance sheet-each item would be reported on. The first one has been done for you as an example. Liability Balance Sheet 1. Accounts payable 2. Accounts receivable 4. Consulting revenue 5. Equipment 6. Interest expense 7. Rent expense 8. S. Carla Vista, capital Jan 1 9. S. Carla Vista, drawings 10. Salaries expense 11. Utilities expense Calculate the company's profit or loss for the year ended December 31, 2021. (Enter amounts in thousands.)

Answer 1

Answer

• Requirement 1

1	Liability	Balance Sheet
2	Asset	Balance Sheet
3	Asset	Balance Sheet
4	Revenue	Income Statement
5	Asset	Balance Sheet
6	Expense	Income Statement
7	Expense	Income Statement
8	Capital	Statement of Owner's equity
9	Drawings	Statement of Owner's equity
10	Expense	Income Statement
11	Expense	Income Statement

• Requirement 2

Profit – Net Income of $ 8,180

--Working

Revenues:
Consulting Revenue		$17,200
Expenses:
Interest expense	$710
Rent Expense	$4,630
Salaries expense	$3,200
Utilities expense	$480
Total expense		$9,020
Net Income (Loss)		$8,180