The Bonita Vista Golf & Country Club details the following accounts in its financial statements.Classify each of the following accounts as an asset, liability, stockholders' equity, revenue, or expense item.Accounts payableAccounts receivableEquipmentSales revenueService revenueInventoryMortgage payableSupplies expenseRent expenseSalaries and wages expense

Accounting Equation: It is also called balance sheet equation. It established the relationship…

Answered: The Bonita Vista Golf & Country Club…

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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Please tell me if the following are an asset, liability or equity account and if they are real or nominal 1) Accounts payable 2) Service fees revenues 3) Tax expense 4) Cash 5) Interest receivable 6) Accounts receivable 7) Smith, drawings 8) Retained earnings 9) Depreciation expense 10) Interest income (also what is interest income? Example? is a DR or CR balance?)
1. A note receivable due in 18 months is listed on the balance sheet under the caption A. current assets B. investments C. long-term liabilities D. fixed assets 2. Two methods of accounting for uncollectible accounts are the A. direct write-off method and the accrual method B. direct write-off method and the allowance method C. allowance method and the accrual method D. allowance method and the net realizable method 3. What is the type of account and normal balance of Allowance for Doubtful Accounts? A. contra asset, debit B. asset, credit C. contra asset, credit D. asset, debit
How to find Total Debt to Total Assets ration using an income statement, balance sheet or cash flow.
Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
Indicate the financial statement on which each of the following items appears. income statement,statement of owner’s equity, and balance sheet. Accounts Receivable
How to calcuate the taxes on the income statement under operating expense. Please provide an example. Using numbers from an income statement.
For each ofthe following accounts, identify whether that item is an asset, liability, or equity account.a. Bonds payableb. Equipmentc. Accounts payabled. Salaries payablee. Common stockf. Retained earningsg. Cashh. Accounts receivablei. Sales revenuej. Inventory
What is the total liabilities, please break down.
"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
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
Please categorize all
Presented below is a list of accounts in alphabetical order. Accounts Receivable Bond Sinking Fund Accumulated Depreciation—Buildings Bonds Payable Accumulated Depreciation—Equipment Buildings Accumulated Other Comprehensive Income Cash (in bank) Advances to Employees Cash (on hand) Advertising Expense Cash Surrender Value of Life Insurance Allowance for Doubtful Accounts Commission Expense Common Stock Patents Copyrights Payroll Taxes Payable Debt Investments (trading) Pension Liability Dividends Payable Petty Cash Equipment Preferred Stock Freight-In Premium on Bonds Payable Gain on Disposal of Equipment Prepaid Rent Interest Receivable Purchase Returns and Allowances Inventory—Beginning Purchases Inventory—Ending Retained Earnings Land Salaries and Wages Expense (sales) Land for Future Plant Site Salaries and Wages Payable Loss from Flood Sales Discounts Noncontrolling Interest Sales Revenue Notes Payable (due next year) Treasury Stock…

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