Homework Answers
Financial Statements includes :
a) Balance Sheet
b) Income Statement
c) Statement of Cash Flows
d) Statement of Owner's Equity
List of item with their presence in which Financial statement is
as follows :
| Cash | Balance Sheet (Asset) [Given] |
| Notes Payable | Balance Sheet (Liability) |
| Wages expenses | Income Statement (Expense) |
| Cost of Goods Sold | Income Statement (Expense) |
| Sales revenue | Income Statement (Income) |
| Inventory | Balance Sheet (Asset) |
| Income tax Expense | 1. Income Statement (Expense) 2. Statement of Cash flows (in operating activities) |
| Dividends | 1. Statement of Owner's Equity (reduction in retained
earnings) 2. Statement of Cash flows (in financing activities) |
| Retained Earnings | 1. Statement of Owner's Equity 2. Balance Sheet (under Shareholder's Funds) |
| Accounts Payable | Balance Sheet (Liability) |
| Equipment | Balance Sheet (Asset) |
Add Answer to:
1. Ind item can be found on more than one statement, list each statement. icate on...
1. Indicate on which financial statement you would expect to find each of the following. If...
1. Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement. Balance Sheet Example: Cash Notes payable Wages expense Cost of goods sold Sales revenue Inventory Income tax expense Dividends Retained earnings Accounts payable Equipment
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...
Indicate in the space provided by each item whether it would appear on the income statement,...
Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement: Service Revenue (Choose] Utilities Expense (Choose) (Choose] Accounts Payable (Choose) Supplies (Choose] Salaries and Wages Expense (Choose ] Accounts Receivable (Choose] Common Stock (Choose) Equipment (Choose) Advertising Expense (Choose] Dividends (Choose) Notes Payable (Choose]
In Accountant The following items and amounts were taken from Cullumber Company's 2022 income statement and...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY EQUITY REVENUE EXPENSE STATEMENT SHEET CASH RETAINED EARNINGS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE RENT WAGES PAYABLE WAGES EXPENSE ADVERTISING INVENTORY COST OF SALES SALES NOTES PAYABLE NOTES RECEIVABLE BONDS PAYABLE FEDERAL INCOME TAX PAYABLE COMMON STOCK EQUIPMENT DIVIDENDS LAND DEPRECIATION ACCUMULATED DEPRECIATION UNEARNED RENT GAIN ON SALE OF EQUIPMENT INTEREST EXPENSE INTEREST INCOME
Which ones are on the Income statement or Balance Sheet Cash Petty Cash Accounts Receivable Allowance...
Which ones are on the Income statement or Balance Sheet Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Inventory Prepaid Insurance Prepaid Rent Debt Investments Equity Investments Land Buildings Accum. Depr. - Buildings Equipment Accum. Depr. - Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Dividends Payable Long-term Notes Payable Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising...
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...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment...
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...
1. Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement. Balance Sheet Example: Cash Notes payable Wages expense Cost of goods sold Sales revenue Inventory Income tax expense Dividends Retained earnings Accounts payable Equipment
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...
Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement: Service Revenue (Choose] Utilities Expense (Choose) (Choose] Accounts Payable (Choose) Supplies (Choose] Salaries and Wages Expense (Choose ] Accounts Receivable (Choose] Common Stock (Choose) Equipment (Choose) Advertising Expense (Choose] Dividends (Choose) Notes Payable (Choose]
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY EQUITY REVENUE EXPENSE STATEMENT SHEET CASH RETAINED EARNINGS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE RENT WAGES PAYABLE WAGES EXPENSE ADVERTISING INVENTORY COST OF SALES SALES NOTES PAYABLE NOTES RECEIVABLE BONDS PAYABLE FEDERAL INCOME TAX PAYABLE COMMON STOCK EQUIPMENT DIVIDENDS LAND DEPRECIATION ACCUMULATED DEPRECIATION UNEARNED RENT GAIN ON SALE OF EQUIPMENT INTEREST EXPENSE INTEREST INCOME
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...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment...
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...
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