Financial accounting
Classify the following items as Asset (A), Liability (L), Shareholders’ Equity(S), Expenses (E) or Revenue (R) for each of the following:
a. Accounts receivable( )
b. Accounts payable( )
c. Loans( )
d. Share capital( )
e. inventory( )
f. Supplies( )
g. Notes payable( )
h. Retained earnings( )
i. Expenses payable( )
j. Land( )
k. Equipment( )
l. Rent( )
Homework Answers
Answer :-
Following is the classification of items as per accounting norms :-
Accounts Receivable - Asset
Accounts Payable - Liability
Loans - Liability
Share Capital - Shareholder's Equity
Inventory - Asset
Supplies - Asset
Notes Payable - Liability
Retained Earnings - Shareholder's Equity
Expense Payable - Liability
Land - Asset
Equipment - Asset
Rent - Expense
Answer :-
Following is the classification of items as per accounting norms :-
Accounts Receivable - Asset
Accounts Payable - Liability
Loans - Liability
Share Capital - Shareholder's Equity
Inventory - Asset
Supplies - Asset
Notes Payable - Liability
Retained Earnings - Shareholder's Equity
Expense Payable - Liability
Land - Asset
Equipment - Asset
Rent - Expense
Q1. Consider Canadian Tire. Classify the following items as an asset (A), a liability (L), or...
Q1. Consider Canadian Tire. Classify the following items as an asset (A), a liability (L), or an owners' equity or Shareholders' equity (E) item for Canadian Tire. Write the letter (A, L, E) besides each item. a. Accounts payable b. Land c. Prepaid expenses d. Accounts receivable e. Long-term debt f. Merchandise inventories g. Notes payable h. Accrued expenses payable i. Equipment j. Common shares k. Cash 1. Retained earnings
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability...
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability E. Equity Owner's capital Unearned revenue Buildings Medical Equipment Cash Medical Supplies Accounts Payable Owner's withdrawals Prepaid Accounts Accounts receivable Accrued Liabilities Inventory · Revenues Short-term notes payable Expenses
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Oriole Limited reports the following statement of financial position accounts, in alphabetical order: Accounts payable $13,850...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY EQUITY REVENUE EXPENSE STATEMENT SHEET CASH RETAINED EARNINGS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE RENT WAGES PAYABLE WAGES EXPENSE ADVERTISING INVENTORY COST OF SALES SALES NOTES PAYABLE NOTES RECEIVABLE BONDS PAYABLE FEDERAL INCOME TAX PAYABLE COMMON STOCK EQUIPMENT DIVIDENDS LAND DEPRECIATION ACCUMULATED DEPRECIATION UNEARNED RENT GAIN ON SALE OF EQUIPMENT INTEREST EXPENSE INTEREST INCOME
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...
Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity...
Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) accoun Accounts Payable Short-Term Investments Land Mortgage Payable Capital Common Stock Issued Prepaid Rent Expense Repair Parts Inventory Accounts Receivable Investments Building Sales Tax Payable Withdrawals Retained Earnings Food Inventory Paid-In Capital
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it...
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5....
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5. (Learning Objective 3: Apply the accounting equation) 1. If you know the assets and the equity of a business, how can you measure its liabilities Give the equation. 2. Use the accounting equation to show how to determine the amount of a company's stock holders' equity. How would your answer change if you were analyzing your own house S1-6. (Learning Objective 3: Identify assets,...
Q1. Consider Canadian Tire. Classify the following items as an asset (A), a liability (L), or an owners' equity or Shareholders' equity (E) item for Canadian Tire. Write the letter (A, L, E) besides each item. a. Accounts payable b. Land c. Prepaid expenses d. Accounts receivable e. Long-term debt f. Merchandise inventories g. Notes payable h. Accrued expenses payable i. Equipment j. Common shares k. Cash 1. Retained earnings
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability E. Equity Owner's capital Unearned revenue Buildings Medical Equipment Cash Medical Supplies Accounts Payable Owner's withdrawals Prepaid Accounts Accounts receivable Accrued Liabilities Inventory · Revenues Short-term notes payable Expenses
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY EQUITY REVENUE EXPENSE STATEMENT SHEET CASH RETAINED EARNINGS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE RENT WAGES PAYABLE WAGES EXPENSE ADVERTISING INVENTORY COST OF SALES SALES NOTES PAYABLE NOTES RECEIVABLE BONDS PAYABLE FEDERAL INCOME TAX PAYABLE COMMON STOCK EQUIPMENT DIVIDENDS LAND DEPRECIATION ACCUMULATED DEPRECIATION UNEARNED RENT GAIN ON SALE OF EQUIPMENT INTEREST EXPENSE INTEREST INCOME
Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) accoun Accounts Payable Short-Term Investments Land Mortgage Payable Capital Common Stock Issued Prepaid Rent Expense Repair Parts Inventory Accounts Receivable Investments Building Sales Tax Payable Withdrawals Retained Earnings Food Inventory Paid-In Capital
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5. (Learning Objective 3: Apply the accounting equation) 1. If you know the assets and the equity of a business, how can you measure its liabilities Give the equation. 2. Use the accounting equation to show how to determine the amount of a company's stock holders' equity. How would your answer change if you were analyzing your own house S1-6. (Learning Objective 3: Identify assets,...
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