Homework Answers
- 1. retained earnings= Equity in Balance Sheet
- 2. Sales revenue= Revnue in the income statement
- Acquired good will= Asset section in Balance sheet (Non current Assets)
- Inventory= Assets in Balance Sheet (Current Assets)
- Depreciation expense= Expenses in Income statement
- Loss on sale of equipment= Under Losses in Income Statement
- Interest payable= Liability in Balance Sheet
- dividend= Equity in Balance sheet
- Issue of common shares= Equity in Balance Sheet
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For each item that follows, indicate which element of the financial statements it belongs to: (a)...
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
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
Indicate whether each of the following items will be reported on the statement of financial position...
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or neither statement (N)—for example, it might appear only on the statement of cash flows. a. Notes receivable b. Interest revenue from a short-term investment c. Common shares d. Accounts payable e. Depreciation expense on a building f. Interest expense g. Cash from the issuance of shares h....
AP-1B LO 3 Indicate the section of the statement of cash flows where each item would...
AP-1B LO 3 Indicate the section of the statement of cash flows where each item would be located (operating, investing or financing activities) using the indirect method. Also indicate whether the item would increase or decrease cash using the indirect method. Item Section Effect on Cash Decrease Investing Loss on sale of equipment Decrease in accounts payable Increase in food inventory Depreciation expense Gain on sale of investments Dividends paid Issuance of shares in the company Net income Decrease in...
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (1),...
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (1), balance sheet (B), statement of retained earnings (E), or Statement of cash flows (CF) from the drop down provided. Postage expense b. Common stock c. Dividends d. Rent expense e. Note payable f. Supplies expense g. Supplies h. Insurance expense i. Equipment Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. c. e....
The financial statements for Fallon Sales Limited are shown below: Statement of Financial Position As of...
The financial statements for Fallon Sales Limited are shown below: Statement of Financial Position As of 31 December 20X5 20X4 Assets Cash $ 17,100 $ 20,000 Accounts receivable 72,500 60,000 Merchandise inventory 131,400 180,000 Prepaid insurance 2,600 2,400 Investments 10,000 30,000 Land 70,000 70,000 Capital assets, net 278,000 240,000 Goodwill, net 67,900 106,600 $649,500 $709,000 Liabilities and equity Accounts payable $ 98,000 $111,000 Rent payable 6,500 2,000 Income tax payable 6,400 8,000 Bonds payable 150,000 260,000 Pension obligation...
Indicate whether each of the following would be reported in the financial statements as a (a)...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Retained earnings belongs to what element in the financial statements
Retained earnings belongs to what element in the financial statements
Suppose you are analyzing the financial statements of Corley, Inc. Identify each item with its appropriate...
Suppose you are analyzing the financial statements of Corley, Inc. Identify each item with its appropriate financial statement, using the following abbreviations Income statement Statement of retained earnings (R), Balance sheet (B), and Statement of cash flows (C). Three me appear on two financial statements, and one iter shows up on three statements (F. In all of the boxes before checking your answers.) Identify each account or heading with the appropriate financial statement(s) Financial Account or Heading Statement a. Salary...
1. Indicate on which financial statement you would expect to find each of the following. If...
1. Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement. Balance Sheet Example: Cash Notes payable Wages expense Cost of goods sold Sales revenue Inventory Income tax expense Dividends Retained earnings Accounts payable Equipment
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
AP-1B LO 3 Indicate the section of the statement of cash flows where each item would be located (operating, investing or financing activities) using the indirect method. Also indicate whether the item would increase or decrease cash using the indirect method. Item Section Effect on Cash Decrease Investing Loss on sale of equipment Decrease in accounts payable Increase in food inventory Depreciation expense Gain on sale of investments Dividends paid Issuance of shares in the company Net income Decrease in...
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (1), balance sheet (B), statement of retained earnings (E), or Statement of cash flows (CF) from the drop down provided. Postage expense b. Common stock c. Dividends d. Rent expense e. Note payable f. Supplies expense g. Supplies h. Insurance expense i. Equipment Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. c. e....
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Suppose you are analyzing the financial statements of Corley, Inc. Identify each item with its appropriate financial statement, using the following abbreviations Income statement Statement of retained earnings (R), Balance sheet (B), and Statement of cash flows (C). Three me appear on two financial statements, and one iter shows up on three statements (F. In all of the boxes before checking your answers.) Identify each account or heading with the appropriate financial statement(s) Financial Account or Heading Statement a. Salary...
1. Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement. Balance Sheet Example: Cash Notes payable Wages expense Cost of goods sold Sales revenue Inventory Income tax expense Dividends Retained earnings Accounts payable Equipment
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