Homework Answers
In order to answer the type : Common stock, notes payable, accounts payable and retained earnings at the beginning of the year comes under liability. Equipment and cash under assets. Sales revenue under income and dividends under dividend.
Now for statement : Dividends and retained earnings under Statement of retained earnings. Sales revenue under income statement and rest in balance sheet.
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Oakley, Inc., reported the following items in its financial statements. For each item, select (1) the...
1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1)...
1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1) whether it is reported in the income statement (U/S) or balance sheet (B/S) and (2) whether it is an asset, liability, stockholders' equity, revenue, or expense account. The first item is given as an example 2. Old Time Cable also reported $5,840 in operating expenses. Based on the available information, determine the company's net profit margin expressed as a percent Complete this question by...
Required: 1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate...
Required: 1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1) whether it is reported in the income statement (l/S) or balance sheet (B/S) and (2) whether it is an asset. liability, stockholders' equity, revenue, or expense account. The first item is given as an example. 2. Old Time Cable also reported $4.940 in operating expenses. Based on the available information, determine the company's net profit margin expressed as a percent. Complete this question...
For each item, select (1) whether it is reported on the income statement (/S) or balance...
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it...
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
Listed below are a number of financial statement captions. Indicate the following for each item: (1)...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls,...
General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables The following items were presented in the company's financial statements For each item, select (1) the type of account and (2) whether it is reported on the income statement (/S) or balance sheet (B/S) Item (1) Type 1. Accounts Payable 2. Common Stock 3. Equipment 5.Notes Payable 6. Cash 7. Retained Earnings 8. Office Expenses 9. Sales Revenue 0 Supplies...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls each day. The following...
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls each day. The following items were listed on Tootsie Roll's recent income statement and balance sheet. For each item, select (1) the type of account and (2) whether it is reported on the income statement (V/S) or balance sheet (B/s (1) Type (2) Statement Asset Expense Asset Asset Expense Revenue Liability Stockholders' Equity Liability 1. Accounts Receivable 2 Office Expenses 3. Cash 5. Advertising Expense 6. Sales Revenue...
1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1) whether it is reported in the income statement (U/S) or balance sheet (B/S) and (2) whether it is an asset, liability, stockholders' equity, revenue, or expense account. The first item is given as an example 2. Old Time Cable also reported $5,840 in operating expenses. Based on the available information, determine the company's net profit margin expressed as a percent Complete this question by...
Required: 1. For each of the following items in Old Time Cable, Inc.'s financial statements, indicate (1) whether it is reported in the income statement (l/S) or balance sheet (B/S) and (2) whether it is an asset. liability, stockholders' equity, revenue, or expense account. The first item is given as an example. 2. Old Time Cable also reported $4.940 in operating expenses. Based on the available information, determine the company's net profit margin expressed as a percent. Complete this question...
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables The following items were presented in the company's financial statements For each item, select (1) the type of account and (2) whether it is reported on the income statement (/S) or balance sheet (B/S) Item (1) Type 1. Accounts Payable 2. Common Stock 3. Equipment 5.Notes Payable 6. Cash 7. Retained Earnings 8. Office Expenses 9. Sales Revenue 0 Supplies...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls each day. The following items were listed on Tootsie Roll's recent income statement and balance sheet. For each item, select (1) the type of account and (2) whether it is reported on the income statement (V/S) or balance sheet (B/s (1) Type (2) Statement Asset Expense Asset Asset Expense Revenue Liability Stockholders' Equity Liability 1. Accounts Receivable 2 Office Expenses 3. Cash 5. Advertising Expense 6. Sales Revenue...
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