Question

1-3 On which financial statement would you find the following financial state- ment categories? Assets Equity Expenses Gains Liabilities Losses Revenues 1-4 Calculate Net Income for each of the situations below. a. Revenues = $1,350,000; Expenses = $950,000. b. Revenues = $1,350,000; Expenses = $950,000; Gains $10,000 c Revenues = $1,350,000; Expenses = $950,000; Gains = $10,000; Losses = $5,000. d. Revenues = $1,350,000; Expenses = $950,000; Losses = $35,000 e. Revenues = $1,350,000; Expenses $1,450,000; Gains = $10,000 f. Revenues = $1,350,000; Expenses = $1,450,000; Losses = $10,000. 1-5. Explain the concept of equity. 1-6=Identify the category on the Balance Sheet (Current Assets, Non-Current Assets, Current Liabilities, Non-Current Liabilities, Equity) in which each of these items is located. Accounts Receivable Fences Barns Insurance paid for in advance Bill owed to utility company Land Breeding cattle Machinery Cash Shed Debt owed to bank for Tractors 30-year mortgage on land Feed Inventory Vehicles

Answer 1

1-3)

	Financial Statement	Supporting explanations
Assets	Balance Sheet	Balance sheet contains assets, liabilities and shareholders' equity
Equity	Statement of Shareholders' equity and Balance sheet	A separate statement for owners' equity is prepared and both equity and retained earnings are shown and the same equity will also be presented in the balance sheet.
Expenses	Income Statement	Income statement contains total revenues and total expenses along with net income or net loss.
Gains	Income Statement	Income statement contains total revenues and total expenses along with net income or net loss.
Liabilities	Balance Sheet	Balance sheet contains assets, liabilities and shareholders' equity
Losses	Income Statement	Income statement contains total revenues and total expenses along with net income or net loss.
Revenues	Income Statement	Income statement contains total revenues and total expenses along with net income or net loss.

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