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
u) Using check marks, identity the finan cial tatemento) on which cach of the follon ing...
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which each of the following items/ Item Income Statement Shareholders' Equity Asset Balance Sheet Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports' first year of operations, assets are $750,000 and owners' equity is...
1) Using check marks, identify the financial statement(s) on which each of the following items / accounts appear. Item Income Statement Shareholders’ Equity Balance Sheet Asset Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports’ first year of operations, assets are $750,000 and owners' equity is $680,000. a. The...