Consider the following account balances of the Thayer Auditing Firm at the end of the year:...
Consider the following account balances of the Thayer Auditing Firm at the end of the year:
| Supplies Expense | $4,400 | Salaries Expense | $12,800 |
| Cash | $1,700 | Common Stock | $2,400 |
| Service Revenue | $8,300 | Supplies | $4,300 |
| Retained Earnings | $1,100 | Deferred Revenue | $5,000 |
How many of these accounts would appear in Thayer's year-end balance sheet?
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Three. |
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Four. |
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Five. |
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Six. |
explain why too, Thanks.
Homework Answers
Answer: Five.
Following accounts are the balance sheet items:
1.Cash
2.Common Stock
3.Supplies
4.Retained Earnings
5.Deferred Revenue
These accounts will appear in Thayer's year-end balance sheet.
--
Following accounts are income statement items:
Supplies Expense
Salaries Expense
Service Revenue
-
So the answer is Five.
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