Homework Answers
Answer:
| Items | Heads | Explanation |
| Rent Expense | Income statement | Rent expense is an expense that is shown under the expenditures head in income statement. Example: Factory rent, office rent. |
| Equipment | Asset | Equipment is an asset that is shown under the head of Fixed Assets/Long term asset/Non current asset in the balance sheet. |
| Accounts payable | Liability | It is a short term liability of a company that has to be paid by company within 1 year. It is shown under the head of Current liabilities in the balance sheet. |
| Common stock | Stockholder's equity | Common stock is the shares, issued by company to the public to raise funds from the market, it is shown under the stockholder's equity section in the balance sheet. |
| Insurance expense | Income statement | Insurance expense is an expense that is shown under the head of expenditures in income statement. |
| Cash | Asset | Cash is a current asset that is shown under the head of Current asset in balance sheet. |
| Account receivables | Asset | It is a current asset, that is shown under the head of current assets in balance sheet. |
| Retained earnings | Stockholder's equity | It is the part of profit, retained by the company and not distributed to the shareholders. This is shown under the head of stockholder's equity in balance sheet. |
| Service revenue | Income statement | It is the revenue, received from customer in return of providing the service. It is an income and shown under the head of income in income statement. |
| Notes payable | Liability | It is the amount due on the company, this is short term obligation that has to be paid within 1 year. It is shown under the head of current liability in balance sheet. |
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For the items listed below, indicate whether the item is an asset, liability, stockholders' equity, or...
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For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...
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Listed below are a number of financial statement captions. Indicate the following for each item: (1)...
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indicate whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an...
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State whether each of the following is an asset, liability, equity, revenue, or expense accountingpass.com Solved:...
State whether each of the following is an asset, liability,
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Classification of Financial Statement Items Classify each of the following items according to: 1. whether it...
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Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense Liability Stockholders' equity Stockholders' equity
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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 whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an Expense account. Computers Amounts that customers owe the company Land Owe on account Accrued expenses Retained earnings Trademarks Cost of goods sold Providing goods to customers Salaries to employees Equipment Interest payable Owe the bank Investments Common stock Advertising Cash Dividends paid Items held to sell to customers Providing services to customers Prepaid insurance expense
State whether each of the following is an asset, liability,
equity, revenue, or expense
accountingpass.com Solved: Identifying debit and credit balancesRequiredindicat Question #1 Indicate from the drop down menu what type of account the item is. Accounts Receivable Retained Earnings Salary Expense Common Stock Rent Expense Supplies Expense Rent Revenue Dividends Accounts Payable 5 Supplies Cash Submit Question 0 of 5 Attempts Used!
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
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Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
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