Question

u) Using check marks, identity the finan cial tatemento) on which cach of the follon ing tiems / accounts appear. Balance Sheet Item Statem Equity Asset Liability Shareholder Equity Sales Revenu Unearned Revenue Notes Payable Retained Earning Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends ) Circe tic on corcefe flbimig no tatemeats At the end of Celebrity Imports first、ear c: operations, assets are S750.000 and owners equity is S680.000 . The business liabilities are $70,000. b. The owner must have invested $750,000 to start the business. c. The business liabilities are S1,430,000, . The business must be operating profitably. A company pays back SI million on a lan it had received earlier from a bank, i. Assets are unchanged, liabilities and stockholders equity both inereased by S1 million. b. Assets are unchanged, liabilities inerease by S1 million, contributed eapital decreases by $1 million. c. Assets decrease by S1 million, liabilities are unchanged, contributed capital decreases by St million. d. Assets decrease by SI million, lia ilities decrease by SI million, stoekholders equity is unchanged.
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Answer #1

Answer to Question 1

Sales Revenue - Income Statement

Unearned Revenue - Asset

Notes Payable - Liability

Retained Earnings - Shareholder's Equity

Accounts Receivable - Asset

Income tax Expense - Income Statement

Prepaid Rent - Asset

Land - Asset

Cash - Asset

Dividend - Income Statement

Answer to Question 2

1st part

a. The Business Liabilities are $70000

2nd Part

b.Asset decrease by 1Million$ Liability Decrease by 1Million$ stock holder equity remains unchanged

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