Homework Answers
1) Accounts Payable - Liability
2) Property, Plant, and Equipment - Asset
3) Inventories - Asset
4) Long-Term debt - Liability
5) Cost of Goods sold - Expense
6) Retained Earnings - Equity
7) Research and Development - Expense
8) Prepaid expense - Asset
9) Common Stock - Equity
10) Accounts Receivable - Asset
Add Answer to:
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Liability Property, Plant, and Equipment Ass Expense Inventories Equity Long-Term Debt Revenue Cost of Goods Sold Liability Retained Earnings Research and Development Asset Exp Prepaid Expense Equity Common Stock Accounts Receivable Asset
Indicate whether each of the following would be reported in the financial statements as a (a)...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Question 5 Company XYZ had the following accounts in its financial statements during the year: cash,...
Question 5 Company XYZ had the following accounts in its financial statements during the year: cash, common stock, marketable securities, unearned rent revenue, available-for-sale debt securities, prepaid utilities expense, sales revenue, accumulated other comprehensive income, retained earnings, trademarks, accounts payable, income tax payable, notes payable, equipment, land, equity investments, preferred stock, additional paid-in capital, non-controlling interest, interest expense. For each account, state whether the account ends up on the balance sheet. If it is a balance sheet account, classify the...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent...
The following accounts appeared in recent financial statements of Delta Air Lines: Accounts Payable Fuel Inventory...
The following accounts appeared in recent financial statements of Delta Air Lines: Accounts Payable Fuel Inventory Accounts Receivable Landing Fees (Expense) Accrued Salaries (Obligations) Loyalty Program (Obligations) Aircraft Fuel (Expense) Parts and Supplies Aircraft Maintenance (Expense) Passenger Commissions (Expense) Aircraft Rent (Expense) Passenger Revenue Air Traffic Liability Prepaid Expenses Cargo Revenue Property and Equipment Cash Regional Carriers Expense Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Cost of Goods Sold 2. Inventory 3. Retained Earnings 4. Accounts Payable 5. Land 6. Dividends 7. Service Revenue 8. Prepaid Expense 9. Long Term Debt 10. Common Shares
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc....
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
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
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
Financial Reporting Problem: Apple Inc. CT2.1 The financial statements of Apple Inc. are presented in Appendix...
Financial Reporting Problem: Apple Inc. CT2.1 The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website. Apple's financial statements contain the following selected accounts, stated in millions of dollars. Accounts Payable Cash and Cash Equivalents Accounts Receivable Research and Development Expense Property, Plant, and Equipment tryventories Instructions a. Answer the following questions. 1. What is the increase and decrease side for each...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Liability Property, Plant, and Equipment Ass Expense Inventories Equity Long-Term Debt Revenue Cost of Goods Sold Liability Retained Earnings Research and Development Asset Exp Prepaid Expense Equity Common Stock Accounts Receivable Asset
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent...
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
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
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
Financial Reporting Problem: Apple Inc. CT2.1 The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website. Apple's financial statements contain the following selected accounts, stated in millions of dollars. Accounts Payable Cash and Cash Equivalents Accounts Receivable Research and Development Expense Property, Plant, and Equipment tryventories Instructions a. Answer the following questions. 1. What is the increase and decrease side for each...
Most questions answered within 3 hours.
-
Describe what “scope creep” is and how can it be avoided? Who is
typically the person...
asked 2 seconds from now -
Any permanent decrease in autonomous real spending will cause
even larger decreases in real GDP per...
asked 20 seconds ago -
A large distributor has 8 retail outlets. Currently each outlet
manages its ordering independently. Demand at...
asked 12 minutes ago -
You have purchased a $1,000,000 million Face or Par Value 5-year
T-note. This 5-year T-note pays...
asked 9 minutes ago -
Two objects repel/attract each other. What can one say about their
charges?
asked 8 minutes ago -
explain using physics theory either one
Why should you not put foil in the microwave? or...
asked 11 minutes ago -
9 A website that facilitates transactions by bringing together
buyers and sellers from all over the...
asked 13 minutes ago -
Write a command line to view the long listing of all files,
including hidden files, with...
asked 46 minutes ago -
What kind of experiment would allow you to test that the
posterior cytoplasm can cause the...
asked 26 minutes ago -
Code in C++ please!
Write a function that takes an array of integers as an input...
asked 27 minutes ago -
Predict the reactions, if any, when the
following hydrogen compounds are added to water, and
explain...
asked 46 minutes ago -
What is the expression for the uncertainty in the total energy
Etot of equation?
Assume an...
asked 49 minutes ago