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Book Event Activity Type Print Accounts Receivable Cash Flows from Investing Activities select Balance Sagret Income Statemen
Classify each of the following accounts as an asset ok 8. Prepaid Service Fees b. Equipment c. Prepaid Parking d. Common Stoo
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Answer #1
Event Activity Type Supporting explanation
Accounts Receivable Balance Sheet Accounts receivable is a current asset and all assets are reported in the balance sheet onnly.
Cash Flows from Investing Activities Statement of Cash Flows Cash flow statement mainly reports three type of activities - cash flows from operating activities, cash flows from investing activities and cash flows from financing activities.
Net Income (as computed) Income Statement Income Statement shows deduction of total expenses from the total revenues that results the net income for a particular period.
Retained Earnings, Jan. 1 Statement of Retained Earnings The beginning balance of retained earnings is added to net income and dividends are deducted to arrive the ending balance of retained earnings in the statement of retained earnings.
Dividends Statement of Retained Earnings
Supporting explanation
a) Prepaid Service Fees A Prepaid service fees is prepaid expenses and reported as a current asset and part of Assets in the balance sheet
b) Equipment A Equipment is a fixed asset and it is reported under Property, Plant & Equipment and and part of Assets reported in the balance sheet.
c) Prepaid Parking A Prepaid parking is prepaid expenses and reported as a current asset and part of Assets in the balance sheet
d) Common Stock EQ Common Stock is part of Stockholders' Equity which is also called Equity in the balance sheet.
e) Supplies A Supplies is prepaid expenses and reported as a current asset and part of assets in the balance sheet
f) Taxes Payable L Taxes Payable is treated as Current Liability and part of Liabilities in the balance sheet.
g) Prepaid Rent A Prepaid rent is prepaid expenses and reported as a current asset and part of Assets in the balance sheet
h) Interest Payable L Interest Payable is treated as Current Liability and part of Liabilities in the balance sheet.
i) Utilities Payable L Utilities Payable is treated as Current Liability and part of Liabilities in the balance sheet.
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