Question

E1 Accounting equation and income statement Staples, Inc. ) islading of the p a Canada Asia and South A The werede ancial stat e s h en data 510 Totales 5.00 SOS Cost of goods sold Operating expenses Otherine 5.518 D in the missing data indicated for Using the income data for and an determine the E1-10 Balance sheet items From the following list of selected hems taken from the records of p op Sandals Incas of a specific date, identify those that would appear on the balance sheet 1 Accounts Receivable 2. Common Stock 4. Fees Eamed 5. Rent Expense Scopene E1-11 Income statement items Based on the data presented in Exercise 1-10, identify those the income statement. that would appear on

E1-10

E1-11

E1-12

E1-13

Answer 1

Balance sheet iteme 1) Accounting Receivable – Asset in B/s. 2) Common Stock - Arset in Balance sheet 3) cash A - Asset in Balance sheet 4 Fees Earned Income staliment 5) Rent Expense - Income Statement 6, Salaries Expense - Income Statement 7 Salaries payable - liability. Balance sheet 8) Supplies Gepense - Income statement a) Supplies - Balance Sheet as To liability lo) utilities empenie - Income Statement (1-11 Income statement items 4 Fees earned - Income Statiment (Income side) 5) Rent Grpense - Income Statement Lui Gipense side) 6. Salaries Gapens - Income statement (Expense side) 8) Supplies Expense - Income Statement (Expense side) 10 utilities Expense – Income Statement Cerpense side) blob to smut Tenme Stale

61-12 Finanual Statiment Iteme. 1) Amount due from customers - & Arount owed suppliers - liability 3 cash on hand - Asset 45 cash paid to Stakeholders - dividend 5) cash sales - Revenue 6 Equipment - Asset 7) Note payable owed to bank - liability 8) Rent paid for the month - Expense 9) Sales Commission paid to Expense Sales person 10) klages paid to employers - Expense E1-B Statement of stockholders equity common stock Stock issued Net income tune -1 -2017 - $ 60,000 in June = 40000 for June = 1750oo. Dividends during sure Retained earnings June - - 80,000 - 290,000 during sure hings June

60,000 40,000 of 1,00,000 175,000 A Ad Statement of stockholders Equity particulars Amount & Balance of stock. (common) & Add² Issuance of Stock Total Slove Net Income 275,000 Less Dividends 30,000 245.000 Add: Retaind earnings & 290000 . Total stock holder Equity $ 535,000