Identifying items on financial statements Indicate in which financial statement each item would most likely appear: income statement (IS) or balance sheet (BS) or neither (N). a. Assets b. Equipment c. Salaries expense d. Dividends e. Cash f. Liabilities g. Rent expense h. Revenues i. Accounts payable j. Total liabilities and equity
Identifying items on financial statements Indicate in which financial statement each item would most likely appear: income statement (IS) or balance sheet (BS) or neither (N). a. Assets b. Equipment c. Salaries expense d. Dividends e. Cash f. Liabilities g. Rent expense h. Revenues i. Accounts payable j. Total liabilities and equity
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 5PA: Identify the financial statement on which each of the following account categories would appear: the...
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![Identifying items on financial statements
Indicate in which financial statement each item would most likely appear: income statement
(IS) or balance sheet (BS) or neither (N).
1
a. Assets
b. Equipment
c. Salaries expense
d. Dividends
3
4
e. Cash
f. Liabilities
g. Rent expense
h. Revenues
Accounting equation
a. Use the accounting equation to compute the missing financial statement amounts (a), (b), and
(c).
i. Accounts payable
j. Total liabilities and equity
Company
1
2
1234
3
A
Company
1
2
b. Use the expanded accounting equation to compute the missing financial statement
amounts (a) and (b).
B
B
Assets
$75,000
(b)
85,000
Assets
$40,000
$80,000
Liabilities
$ (0)
Liabilities
$ 16,000
$32,000
25,000
20,000
D
Common
Stock
$ 20,000
$44,000
E
Equity
$40,000
70,000
(c)
Dividends
$0
(b)
F
Revenues
(0)
$24,000
1
G
Expenses
$8,000
$18,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93428baa-a622-44d3-bd47-08a2fc2bc9be%2F6a805a87-709a-4acf-b73c-a108e217ee01%2Fy09ptn5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Identifying items on financial statements
Indicate in which financial statement each item would most likely appear: income statement
(IS) or balance sheet (BS) or neither (N).
1
a. Assets
b. Equipment
c. Salaries expense
d. Dividends
3
4
e. Cash
f. Liabilities
g. Rent expense
h. Revenues
Accounting equation
a. Use the accounting equation to compute the missing financial statement amounts (a), (b), and
(c).
i. Accounts payable
j. Total liabilities and equity
Company
1
2
1234
3
A
Company
1
2
b. Use the expanded accounting equation to compute the missing financial statement
amounts (a) and (b).
B
B
Assets
$75,000
(b)
85,000
Assets
$40,000
$80,000
Liabilities
$ (0)
Liabilities
$ 16,000
$32,000
25,000
20,000
D
Common
Stock
$ 20,000
$44,000
E
Equity
$40,000
70,000
(c)
Dividends
$0
(b)
F
Revenues
(0)
$24,000
1
G
Expenses
$8,000
$18,000
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