Question

Practice Exercises 1. Match the tollowing t pos ing so ccrunts to their bilane seet clasitication to ther Accounts l'avable . Current Asset B. Current Liability CLong Term Asset D. Lung-Term Liability E Owner Equity ー_c.ash I tuipment Inventorv Accounts Receivabl Retained Earnings Taxes P'ayable Initial Capital Accounts Common Stock 2. Match these equations --Rev enues-Ev penses A. Working Capital B. Pestit Formula C.RevMR D. Cost Penent Current Assets-Curcent Liabilities ーRevenues.. Costorsiksトwag、 、+1h.nefits+Operating Espenos Wage Cost Revenues Profit Dellars Revenue Dollans Room Revenucs E Retention/Floss-thre F Dipartment P'roit G. Profit Percent Total Rooms Change in Profit Dollars -Change in Revenue Dollars

Answer 1

1. The correct matched answers are provided below:

Accounts payable - Current liabilities

Cash - Current asset

Equipment - Long term asset

Inventory - current asset

Bank loan - Long term liability

Accounts receivable - Current asset

Retained earnings - owners equity

Taxes payable - current liability

Initial capital account - Lomg term liability

Common stock - Owner equity

2. The correct matched answers are provided below :

Revenue - expenses -- Profit formula

Current assets-current liabilities -- working capital