Question 5 Company XYZ had the following accounts in its financial statements during the year: cash,...
Question 5
Company XYZ had the following accounts in its financial statements during the year: cash, common stock, marketable securities, unearned rent revenue, available-for-sale debt securities, prepaid utilities expense, sales revenue, accumulated other comprehensive income, retained earnings, trademarks, accounts payable, income tax payable, notes payable, equipment, land, equity investments, preferred stock, additional paid-in capital, non-controlling interest, interest expense.
For each account, state whether the account ends up on the balance sheet. If it is a balance sheet account, classify the account as an asset, liability, or owner’s equity account. If an asset or a liability, state whether it is a current or long-term/non-current account. If it depends, please explain.
Homework Answers
Add Answer to:
Question 5
Company XYZ had the following accounts in its financial
statements during the year: cash,...
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Liability Property, Plant, and Equipment Ass Expense Inventories Equity Long-Term Debt Revenue Cost of Goods Sold Liability Retained Earnings Research and Development Asset Exp Prepaid Expense Equity Common Stock Accounts Receivable Asset
The following accounts appeared in recent financial statements of Delta Air Lines: Accounts Payable Fuel Inventory...
The following accounts appeared in recent financial statements of Delta Air Lines: Accounts Payable Fuel Inventory Accounts Receivable Landing Fees (Expense) Accrued Salaries (Obligations) Loyalty Program (Obligations) Aircraft Fuel (Expense) Parts and Supplies Aircraft Maintenance (Expense) Passenger Commissions (Expense) Aircraft Rent (Expense) Passenger Revenue Air Traffic Liability Prepaid Expenses Cargo Revenue Property and Equipment Cash Regional Carriers Expense Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as...
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Property, plant, and Equipment Inventories Long-Term Debt Cost of Goods Sold Retained Earnings Research and Development Prepaid Expense Common Stock Accounts Receivable
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income...
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019....
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent...
The following are categories of accounts reported in the financial statements: Current Assets  
The following are categories of accounts reported in the financial statements: Current Assets E. Stockholders’ Equity Non-Current Assets F. Revenue Current Liabilities G. Expense Non-Current Liabilities H. Not Applicable Indicate where each of the following accounts would be reported (classified) in the financial statement categories noted above (categories may be used more than once or not at all). Identify only one category for each account listed below. ___G___Accrued Liabilities ________Accumulated Depreciation _______Rental Income ________Intangible Property _______Wages Expense ________Unearned Subscription Revenues _______Bonds Payable ___E___Retained Earnings 2. _____i. What is total Stockholders’ Equity based on...
Balance Sheet Preparation The December 31, 2016, balance sheet accounts of Hitt Company are shown here...
Balance Sheet Preparation The December 31, 2016, balance sheet accounts of Hitt Company are shown here in alphabetical order: Accounts Payable $22,400 Equipment $72,400 Accounts Receivable 21,500 Inventory 37,200 Accumulated Depreciation: Buildings 53,000 Land 30,000 Accumulated Depreciation: Equipment 35,100 Marketable Securities (short-term) 6,100 Additional Paid-in Capital on Common Stock 24,000 Patents (net) 9,800 Additional Paid-in Capital on Preferred Stock 11,500 Preferred Stock, $100 par 21,000 Allowance for Doubtful Accounts 800 Retained Earnings 46,200 Bonds Payable (due 2024) 77,000 Revenues 107,000...
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc....
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Liability Property, Plant, and Equipment Ass Expense Inventories Equity Long-Term Debt Revenue Cost of Goods Sold Liability Retained Earnings Research and Development Asset Exp Prepaid Expense Equity Common Stock Accounts Receivable Asset
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Property, plant, and Equipment Inventories Long-Term Debt Cost of Goods Sold Retained Earnings Research and Development Prepaid Expense Common Stock Accounts Receivable
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent...
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 59 minutes ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 1 hour ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 5 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 9 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 9 hours ago