Classify the following items into assets, liabilities, or owner’s equity. a. Office equipment ______ b. Freehold premises _______ c. Capital _________ d. Mortgage on buildings____ e. Debtors _____ f. Short-term loan _________ g. Long-term loan ________ h. Drawings _________ i. Bank ____________ j. Bank overdraft ________ k. Creditors __________ l. Net profit _____
Classify the following items into assets, liabilities, or owner’s equity. a. Office equipment ______ b. Freehold premises _______ c. Capital _________ d. Mortgage on buildings____ e. Debtors _____ f. Short-term loan _________ g. Long-term loan ________ h. Drawings _________ i. Bank ____________ j. Bank overdraft ________ k. Creditors __________ l. Net profit _____
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 8
Classify the following items into assets, liabilities, or owner’s equity.
a. Office equipment ______
b. Freehold premises _______
c. Capital _________
d. Mortgage on buildings____
e. Debtors _____
f. Short-term loan _________
g. Long-term loan ________
h. Drawings _________
i. Bank ____________
j. Bank overdraft ________
k. Creditors __________
l. Net profit _____
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