For each item that follows, indicate which element of the financial statements it belongs to: Financial...
For each item that follows, indicate which element of the
financial statements it belongs to:
| Financial Statements Element |
||||
| (a) | Accounts receivable |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (b) | Gain on sale of land |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (c) | Income tax expense |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (d) | Accumulated depreciation |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (e) | Bonds payable |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (f) | Interest income |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (g) | Preferred shares |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (h) | Rent paid |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (i) | Salaries payable |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (j) | Cash |
AssetEquityExpenseGainLiabilityLossesRevenue |
||
| (k) | Bank loan payable |
Homework Answers
| (a) | Accounts receivable | Asset |
| (b) | Gain on sale of land | Gain |
| (c) | Income tax expense | Expense |
| (d) | Accumulated depreciation | Liability |
| (e) | Bonds payable | Liability |
| (f) | Interest income | Revenue |
| (g) | Preferred shares | Equity |
| (h) | Rent paid | Expense |
| (i) | Salaries payable | Liability |
| (j) | Cash | Asset |
| (k) | Bank loan payable | Liability |
Add Answer to:
For each item that follows, indicate which element of the
financial statements it belongs to:
Financial...
For each item that follows, indicate which element of the financial statements it belongs to: (a)...
For each item that follows, indicate which element of the financial statements it belongs to: (a) Retained earnings (b) Sales revenue (c) Acquired goodwill (d) Inventory < (e) Depreciation expense (f) Loss on sale of equipment (g) Interest payable (h) Dividends (i) Issuance of common shares
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item...
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select "Note to Financial Statement to indicate this fact. If an item needs to be reported on the balance sheet, select "Balance Sheet" and If an item need not be reported at all, select 'Not to be Reported." Transactions Reported in Classification 1. Prepaid insurance. Stock owned in affiliated companies Unearned service revenue. Advances to...
P2-4A These items are taken from the financial statements of Mbong Corporation for the year ended...
P2-4A These items are taken from the financial statements of Mbong Corporation for the year ended December 31, Prepare financial 2018: statements discuss relationships Retained carnings, January 1 $221,000 (LD1) Cash 11.900 Salaries payable 3,000 Utilities expense 2,000 66,000 Equipment 15.000 Accounts payable 72.000 Buildings 34,200 Common shares 5.000 Dividends declared 213.900 Service revenue Prepaid insurance Repair and maintenance expense 200 $ 2,000 Land 2,800 Depreciation expense 156,000 Accounts receivable 6,200 Insurance expense 14,200 Salaries expense 2,200 Accumulated depreciation-equipment 129,800...
I need help with this problem! Thank you! Brief Exercise 2-9 For each item that follows,...
I need help with this problem! Thank you!
Brief Exercise 2-9 For each item that follows, indicate which element of the financial statements it belongs to: (a) Retained earnings (b) Sales revenue (c) Acquired goodwill (d) Inventory (e) Depreciation expense (f) Loss on sale of equipment (9) Interest payable (h) Dividends (i) Issuance of common shares Liabilities Expenses Equity Gains Revenues Losses Assets LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANS
These items are taken from the financial statements of Marigold Corp. at December 31, 2018. Buildings...
These items are taken from the financial statements of Marigold Corp. at December 31, 2018. Buildings $132,250 Accounts receivable 15,750 Prepaid insurance 5,850 Cash 14,800 Equipment 103,000 Land 76,500 Office expense 725 Income tax expense 250 Depreciation expense 6,625 Interest expense 3,250 Common shares 77,500 Retained earnings (January 1, 2018) 50,000 Accumulated depreciation-building 57,000 Accounts payable 10,500 Income taxes payable 1,375 Bank loan payable (due July 1, 2020) 117,000 Accumulated depreciation-equipment 23,400 Interest payable 4,500 Sales 17,725 Liabilities and Shareholders'...
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
Calculate the net income for the year. These items are taken from the financial statements of...
Calculate the net income for the year.
These items are taken from the financial statements of Blue Spruce Corp.at December 31, 2018. Buildings $84.640 10,080 Accounts receivable Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48.960 464 Office expense Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares 49,600 Retained earnings (January 1, 2018) 32,000 Accumulated depreciation-building 36.480 6.720 Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) 880 74.880 14,976 Accumulated depreciation-equipment Interest...
These items are taken from the financial statements of Concord Corp. at December 31, 2018. $100,510...
These items are taken from the financial statements of Concord Corp. at December 31, 2018. $100,510 11,970 4,446 11,248 78,280 58,140 551 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable Sales 190 5,035 2,470 58,900 38,000 43,320 7,980 1,045 88,920 17,784 3,420 13,471 Calculate the net...
These items are taken from the financial statements of Swifty Corp. at December 31, 2018. Buildings...
These items are taken from the financial statements of Swifty Corp. at December 31, 2018. Buildings $179,860 Accounts receivable 21,420 Prepaid insurance 7,956 Cash 20,128 Equipment 140,080 Land 104,040 Office expense 986 Income tax expense 340 Depreciation expense 9,010 Interest expense 4,420 Common shares 105,400 Retained earnings (January 1, 2018) 68,000 Accumulated depreciation-building 77,520 Accounts payable 14,280 Income taxes payable 1,870 Bank loan payable (due July 1, 2020) 159,120 Accumulated depreciation-equipment 31,824 Interest payable 6,120 Sales 24,106 (a) Calculate the...
These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018....
These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841 Income tax expense 290 Depreciation expense 7,685 Interest expense 3,770 Common shares 89,900 Retained earnings (January 1, 2018) 58,000 66,120 Accumulated depreciation-building Accounts payable 12,180 Income taxes payable 1,595 Bank loan payable (due July 1, 2020) 135,720 Accumulated depreciation-equipment 27,144 Interest payable 5,220 Sales 20,561 Calculate the...
For each item that follows, indicate which element of the financial statements it belongs to: (a) Retained earnings (b) Sales revenue (c) Acquired goodwill (d) Inventory < (e) Depreciation expense (f) Loss on sale of equipment (g) Interest payable (h) Dividends (i) Issuance of common shares
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select "Note to Financial Statement to indicate this fact. If an item needs to be reported on the balance sheet, select "Balance Sheet" and If an item need not be reported at all, select 'Not to be Reported." Transactions Reported in Classification 1. Prepaid insurance. Stock owned in affiliated companies Unearned service revenue. Advances to...
P2-4A These items are taken from the financial statements of Mbong Corporation for the year ended December 31, Prepare financial 2018: statements discuss relationships Retained carnings, January 1 $221,000 (LD1) Cash 11.900 Salaries payable 3,000 Utilities expense 2,000 66,000 Equipment 15.000 Accounts payable 72.000 Buildings 34,200 Common shares 5.000 Dividends declared 213.900 Service revenue Prepaid insurance Repair and maintenance expense 200 $ 2,000 Land 2,800 Depreciation expense 156,000 Accounts receivable 6,200 Insurance expense 14,200 Salaries expense 2,200 Accumulated depreciation-equipment 129,800...
I need help with this problem! Thank you!
Brief Exercise 2-9 For each item that follows, indicate which element of the financial statements it belongs to: (a) Retained earnings (b) Sales revenue (c) Acquired goodwill (d) Inventory (e) Depreciation expense (f) Loss on sale of equipment (9) Interest payable (h) Dividends (i) Issuance of common shares Liabilities Expenses Equity Gains Revenues Losses Assets LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANS
These items are taken from the financial statements of Marigold Corp. at December 31, 2018. Buildings $132,250 Accounts receivable 15,750 Prepaid insurance 5,850 Cash 14,800 Equipment 103,000 Land 76,500 Office expense 725 Income tax expense 250 Depreciation expense 6,625 Interest expense 3,250 Common shares 77,500 Retained earnings (January 1, 2018) 50,000 Accumulated depreciation-building 57,000 Accounts payable 10,500 Income taxes payable 1,375 Bank loan payable (due July 1, 2020) 117,000 Accumulated depreciation-equipment 23,400 Interest payable 4,500 Sales 17,725 Liabilities and Shareholders'...
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
Calculate the net income for the year.
These items are taken from the financial statements of Blue Spruce Corp.at December 31, 2018. Buildings $84.640 10,080 Accounts receivable Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48.960 464 Office expense Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares 49,600 Retained earnings (January 1, 2018) 32,000 Accumulated depreciation-building 36.480 6.720 Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) 880 74.880 14,976 Accumulated depreciation-equipment Interest...
These items are taken from the financial statements of Concord Corp. at December 31, 2018. $100,510 11,970 4,446 11,248 78,280 58,140 551 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable Sales 190 5,035 2,470 58,900 38,000 43,320 7,980 1,045 88,920 17,784 3,420 13,471 Calculate the net...
These items are taken from the financial statements of Swifty Corp. at December 31, 2018. Buildings $179,860 Accounts receivable 21,420 Prepaid insurance 7,956 Cash 20,128 Equipment 140,080 Land 104,040 Office expense 986 Income tax expense 340 Depreciation expense 9,010 Interest expense 4,420 Common shares 105,400 Retained earnings (January 1, 2018) 68,000 Accumulated depreciation-building 77,520 Accounts payable 14,280 Income taxes payable 1,870 Bank loan payable (due July 1, 2020) 159,120 Accumulated depreciation-equipment 31,824 Interest payable 6,120 Sales 24,106 (a) Calculate the...
These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841 Income tax expense 290 Depreciation expense 7,685 Interest expense 3,770 Common shares 89,900 Retained earnings (January 1, 2018) 58,000 66,120 Accumulated depreciation-building Accounts payable 12,180 Income taxes payable 1,595 Bank loan payable (due July 1, 2020) 135,720 Accumulated depreciation-equipment 27,144 Interest payable 5,220 Sales 20,561 Calculate the...
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