QUESTION 1 For each of the items below, indicate how it is reported on the balance sheet or income statement using the given classification titles. v Accounts Payable v Office furniture v Interest Revenue A. Current Liabilities v Treasury Stock B. Long Term Liabilities v Unearned Revenue expected to be earned after 12 months. C. Property, Plant and Equipment v Note Receivable collectible in 6 months D. Operating Expenses - Administrative v Freight in E. Other Revenue and Gains v Office Supplies Expense F. Other Expenses and Losses v Cash Surrender Value of Life Insurance on Key Employees G. Operating Expenses - Selling v Bonds Payable H. Extraordinary Items I. Sales Revenue v Life Insurance Expense on Key Employees J. Other Assets v Loss on Sale of Patents K. Income From Operations v Gain from sale of fast food division by a clothing manufacturer. L. Stockholders' Equity Dividends Payable M. Current Assets N. Cost of Goods Sold v Bad Debt Expense O. Investments v Franchise License P. Intangible Assets v Accumulated Depreciation - Equipment Q. Discontinued Operations v Depreciation Expense on Store Buildings v Loss due to 7 month general employee strike. 1 Sunplies
QUESTION 1 For each of the items below, indicate how it is reported on the balance sheet or income statement using the given classification titles. v Accounts Payable v Office furniture v Interest Revenue A. Current Liabilities v Treasury Stock B. Long Term Liabilities v Unearned Revenue expected to be earned after 12 months. C. Property, Plant and Equipment v Note Receivable collectible in 6 months D. Operating Expenses - Administrative v Freight in E. Other Revenue and Gains v Office Supplies Expense F. Other Expenses and Losses v Cash Surrender Value of Life Insurance on Key Employees G. Operating Expenses - Selling v Bonds Payable H. Extraordinary Items I. Sales Revenue v Life Insurance Expense on Key Employees J. Other Assets v Loss on Sale of Patents K. Income From Operations v Gain from sale of fast food division by a clothing manufacturer. L. Stockholders' Equity Dividends Payable M. Current Assets N. Cost of Goods Sold v Bad Debt Expense O. Investments v Franchise License P. Intangible Assets v Accumulated Depreciation - Equipment Q. Discontinued Operations v Depreciation Expense on Store Buildings v Loss due to 7 month general employee strike. 1 Sunplies
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:QUESTION 1
For each of the items below, indicate how it is reported on the balance sheet or income statement using the given classification titles.
Accounts Payable
v Office furniture
v Interest Revenue
A. Current Liabilities
v Treasury Stock
B. Long Term Liabilities
Unearned Revenue expected to be earned after 12 months.
C. Property, Plant and Equipment
Note Receivable collectible in 6 months
D. Operating Expenses - Administrative
v Freight in
E. Other Revenue and Gains
v Office Supplies Expense
F. Other Expenses and Losses
Cash Surrender Value of Life Insurance on Key Employees
G. Operating Expenses - Selling
v Bonds Payable
H. Extraordinary Items
I. Sales Revenue
v Life Insurance Expense on Key Employees
J. Other Assets
v Loss on Sale of Patents
K. Income From Operations
v Gain from sale of fast food division by a clothing manufacturer.
L. Stockholders' Equity
Dividends Payable
M. Current Assets
N. Cost of Goods Sold
v Bad Debt Expense
O. Investments
Franchise License
P. Intangible Assets
v Accumulated Depreciation - Equipment
Q. Discontinued Operations
v Depreciation Expense on Store Buildings
v Loss due to 7 month general employee strike.
Supplies
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