QUESTION 1For each of the items below, indicate how it is reported on the balance sheet or income statement using the given classification titles.Accounts Payablev Office furniturev Interest RevenueA. Current Liabilitiesv Treasury StockB. Long Term LiabilitiesUnearned Revenue expected to be earned after 12 months.C. Property, Plant and EquipmentNote Receivable collectible in 6 monthsD. Operating Expenses - Administrativev Freight inE. Other Revenue and Gainsv Office Supplies ExpenseF. Other Expenses and LossesCash Surrender Value of Life Insurance on Key EmployeesG. Operating Expenses - Sellingv Bonds PayableH. Extraordinary ItemsI. Sales Revenuev Life Insurance Expense on Key EmployeesJ. Other Assetsv Loss on Sale of PatentsK. Income From Operationsv Gain from sale of fast food division by a clothing manufacturer.L. Stockholders' EquityDividends PayableM. Current AssetsN. Cost of Goods Soldv Bad Debt ExpenseO. InvestmentsFranchise LicenseP. Intangible Assetsv Accumulated Depreciation - EquipmentQ. Discontinued Operationsv Depreciation Expense on Store Buildingsv Loss due to 7 month general employee strike.Supplies

Income statement and Balance sheet are two important financial statements of business in which there…

Answered: QUESTION 1 For each of the items below,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
Accounts classification
Indicate in the space provided by each item whether it would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE): a. Prepaid Rent g. --- Accounts Receivable b. Cash h. ----- Building C. --Dividends Common Stock d. Accounts Payable Patents е. Supplies Expense k. Service Revenue f. Salaries and Wages Payable Notes Payable
1. From the following balances of Kalam Plc., as at 31.12.20 Prepare Financial statement. DEBIT CREDIT RO'000 RO'000 Trade receivables - Trade payables - Administration expenses Selling and Distribution Expenses - Dividend paid Interest paid - Audit fees Rent for office Revenue- Cost of sales- Motor vehicles (cost) Accumulated depreciation: Motor vehicles (1.1.20) Equipment (31.12.20) Accumulated depreciation: Equipment (1.1.20) Bank loan (10%) Retained earnings (1.1.20) Reserves and surplus Cash at bank Inventories (31.12.20) Share capital (£1) 2070 1800 2835 360 450 1440 162 22437 12960 15390 3519 32967 3240 5670 4500 4002 1200 54 2430 7290 62388 62388
Rubin Enterprises had the following sales-related transactions on a recent day: a. Billed customer $28,600 on account for services already provided. b. Collected $5,715 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,500 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $480 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $480 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions.
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
what is Statement of Financial Position? prepare chart of accounts by completing the box below. Chart of Accounts Codes Account titles Account Type Statement of Financial Position/Statement of Comprehensive Income Cash Asset Prepaid Rent Asset Revenue Equity Account Codes: Assets 100-199 Liabilities 200-299 Equity 300-399 Revenues 400-499 Expenses 500-599
Financial statement account identification 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 liability (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE). (Select from the drop-down menus.) Account Name Accounts payable (1) Statement (2) Type of Account C
"Identify each of the following accounts of Kaiser Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit:A.Accounts PayableB.Accounts ReceivableC.CashD.Common StockE.DividendsF.Fees EarnedG.Office EquipmentH.Rent ExpenseI.SuppliesJ.Wages Expense
1. Define the following: Assets Liabilities Owner's Equity Revenue Expenses2. Give the specific account titles for each.
Which is not usually presented as part of current assets? A. Three-month time depositB. Dividend receivableC. Advances to affiliatesD. Prepaid subscription expenses
Classify each of the following accounts as to whether it appears on the income statement (IS), the balance sheet (BS) or owner’s equity statement (OE) _____1. Merchandise Inventory _____ 6. Int. Revenue ____11. Wales, Drawing _____2. Accumulated Depreciation—Truck _____ 7. Interest Receivable ____12. Wales, Capital _____3. Depreciation Expense _____ 8. Notes Receivable ____13. Sales Discounts _____4. Cost of Goods Sold _____ 9. Interest Expense ____14. Prepaid Insurance _____5. Unearned Revenue _____10. Freight Out _____15. Sales

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