(See chart below for the account titles)Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________Noncurrent Assets:_______Current Liabilities: ________Noncurrent Liabilities: _______Sales: ________Expenses: ________Net Income (Loss): ________ Chart of AccountsSFP ACCOUNTSSCI ACCOUNTSАсс.No.ASSETSAccountINCOMENo.Service FeesSalesInterest IncomeGains110Cash410120Accounts Receivables420Allow for Bad debts430440125130Notes Receivable140InventoryEXPENSESCost of SAlesFreight-outSalaries Expense150510PrepaymentsBuildingAccum Depn-Bldg160515165520LIABILITIESUtilities ExpenseAccounts payableNotes PayableInterest Payable210530220540Bad DebtsDepreciationAdvertising ExpenseTaxes and Licenses230545240Salaries Payable550250Utilities Payable560Interest ExpenseMiscellancous Expense260Unearned Income570580EQUITYOwner's CapitalOwner's Drawing310590Losses320

Name: (See chart below for the account titles)Identify or classify the diffe
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Description: (See chart below for the account titles)Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: C

Current assets: It refers to the assets that are used for less than 1 year and can be easily…

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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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(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________

Chart of Accounts
SFP ACCOUNTS
SCI ACCOUNTS
Асс.
No.
ASSETS
Account
INCOME
No.
Service Fees
Sales
Interest Income
Gains
110
Cash
410
120
Accounts Receivables
420
Allow for Bad debts
430
440
125
130
Notes Receivable
140
Inventory
EXPENSES
Cost of SAles
Freight-out
Salaries Expense
150
510
Prepayments
Building
Accum Depn-Bldg
160
515
165
520
LIABILITIES
Utilities Expense
Accounts payable
Notes Payable
Interest Payable
210
530
220
540
Bad Debts
Depreciation
Advertising Expense
Taxes and Licenses
230
545
240
Salaries Payable
550
250
Utilities Payable
560
Interest Expense
Miscellancous Expense
260
Unearned Income
570
580
EQUITY
Owner's Capital
Owner's Drawing
310
590
Losses
320

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