Question

HANDOUT Ch. 1 COMPONENTS OF FINANCIAL STATEMENTS Match each account, element, or transaction to the financial statement(s) on which it would be reported Statement of Income Stockholders'Balance Statement of Cash Flows Account or Element Statement Equity a. The amount of cash Sheet paid for equipment b. Cash c. Notes Payable d. Common Stock e. Inventories f Cost of Goods Sold g. Cash collected from customers h. Accounts Receivable i Income Taxes Payable j. Marketing Expense k. Property, Plant & Equipment L Dividends paid to stockholders m. Net Income n. Retained Earnings o. Cash received from borrowing p. Service fee revenues

Answer 1

Matching

	Account or element	Income statement	Statement of stockholder's equity	Balance sheet	Statement of cash flow
a	The amount of cash paid for equipment				X
b	Cash			X
c	Notes payable			X
d	Common Stock		X	X
e	Inventories			X
f	Cost of goods sold	X
g	Cash collected from customers				X
h	Account receivable			X
i	Income tax payable			X
j	Marketing expense	X
k	Property,plant and equipment			X
l	Dividends paid to stockholders		X		X
m	Net income	X	X
n	Retained earnings		X	X
o	Cash received from borrowing				X
p	Service fees revenues	X