Homework Answers
The items can be classified as follows:-
| S.No | Particulars | Appears On | Classified as |
| 1 | Salaries expense | Income Statement | Expense |
| 2 | Equipment | Balance Sheet | Asset |
| 3 | Accounts Payable | Balance Sheet | Liability |
| 4 | Membership Fees earned | Income Statement | Revenue |
| 5 | Capital Stock | Balance Sheet | Stockholders equity item |
| 6 | Accounts Receivable | Balance Sheet | Asset |
| 7 | Buildings | Balance Sheet | Asset |
| 8 | Advertising expense | Income Statement | Expense |
| 9 | Retained earnings | Balance Sheet | Stockholders equity item |
Please let me know if you have any questions via comments :)
Add Answer to:
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it...
3. Classify each of the following items according to (1) whether it belongs on the income...
3. Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS). Item Classified as a. Salaries expense _________________________ b. Equipment _________________________ c. Accounts payable _________________________ d. Membership fees earned _________________________ e. Capital stock _________________________ f. Accounts receivable _________________________ g. Buildings _________________________ h. Advertising expense _________________________ i. Retained earnings _________________________
Excercise1-7,1-8, paad during the made by the owners Exercise 1-7 The Accounting Equation For cach of...
Excercise1-7,1-8,
paad during the made by the owners Exercise 1-7 The Accounting Equation For cach of the following cases, fill in the blank with the appropriate dollar amount. LOS 3 Case 3 $40.00015.000 20000 20.000 Total assets, end of period Tocal Sabilities, end of period Capital stock, end of period Retained earnings, beginning of period Net income for the period Dividends for the period 75,000 $50000 0.000 10,000 15.000 5,000 6.00010000 9000 8.000 7,000 20,000 10,000 20,000 3.000 8.000 Exercise...
Listed below are a number of financial statement captions. Indicate the following for each item: (1)...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
For each item, select (1) whether it is reported on the income statement (/S) or balance...
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1)...
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense Liability Stockholders' equity Stockholders' equity
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1)...
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
In Accountant The following items and amounts were taken from Cullumber Company's 2022 income statement and...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
Indicate the financial statement on which each of the following items appears. Use I for income...
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet. a. Wages Expense b. Wages Payable c. Warehouse d. Janitorial Expense e. Accounts Payable f. Accounts Receivable 9. Advertising Expense h. Buildings i. Cash j. Commission Revenue k. Consulting Revenue 1. Delivery Expense
Excercise1-7,1-8,
paad during the made by the owners Exercise 1-7 The Accounting Equation For cach of the following cases, fill in the blank with the appropriate dollar amount. LOS 3 Case 3 $40.00015.000 20000 20.000 Total assets, end of period Tocal Sabilities, end of period Capital stock, end of period Retained earnings, beginning of period Net income for the period Dividends for the period 75,000 $50000 0.000 10,000 15.000 5,000 6.00010000 9000 8.000 7,000 20,000 10,000 20,000 3.000 8.000 Exercise...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense Liability Stockholders' equity Stockholders' equity
Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Accounts receivable c. Fees earned d. Supplies e. Supplies expense f. Utilities expense
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet. a. Wages Expense b. Wages Payable c. Warehouse d. Janitorial Expense e. Accounts Payable f. Accounts Receivable 9. Advertising Expense h. Buildings i. Cash j. Commission Revenue k. Consulting Revenue 1. Delivery Expense
Most questions answered within 3 hours.
-
Which one of the following will occur when the internal rate of
return equals the required...
asked 32 minutes ago -
The mean value of land and buildings per acre from a sample of
farms is $1800,...
asked 44 minutes ago -
The Hotel Conneautis considering 3 the
following capital budgeting projects
The Hotel Conneaut has internal funind for...
asked 37 minutes ago -
Which of the following is NOT a product of the first step in the
p-p chain...
asked 37 minutes ago -
The chance that UPS will deliver a package to a customer within
X days is normally...
asked 40 minutes ago -
3Cu(NO3)2(aq) + 2Al(s) ---> 3Cu(s) + 2Al(NO3)3(aq) if you
have 32 moles of aluminum, what is...
asked 42 minutes ago -
Four 100 micro Farads capacitors are connected in parallel, the
equivalent capacitance of these four capacitors...
asked 43 minutes ago -
What is the pH of a 3% solution of atropine sulfate knowing that
the molecular weight...
asked 1 hour ago -
A company has current assets of
$90,000 and its current ratio is 2.5. Assume that the...
asked 54 minutes ago -
A firm should never accept a project if its acceptance would
lead to an increase in...
asked 51 minutes ago -
Methyl orange is an indicator with a Ka of 1 x 10-4. Its acid
form, HIn,...
asked 1 hour ago -
Delta Airlines
In your opinion, which of the following best characterizes the
purpose of the firm?...
asked 1 hour ago