Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account belongs. b. In column (2), indicate whether the account is a current asset (CA), current lia-bility (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE).
Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account belongs. b. In column (2), indicate whether the account is a current asset (CA), current lia-bility (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 2:
Mark each of the accounts listed in the following table as follows:
a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account
belongs.
b. In column (2), indicate whether the account is a current asset (CA), current lia-bility (CL), expense (E),
fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE).
Account name
Accounts payable
Accounts receivable
Accruals
Accumulated depreciation
Administrative expense
Buildings
Cash
Common stock (at par)
Cost of goods sold
Depreciation
Equipment
General expense
Interest expense
Inventories
Land
Long-term debts
Machinery.
Marketable securities
Notes payable
Operating expense
Paid-in capital in excess of par
Preferred stock
Preferred stock dividends
Retained earnings
Sales revenue
Selling expense
Taxes
Vehicles
(1)
(2)
Statement Type of account
1/3
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