The following accounts appeared in recent financial statements of Delta Air Lines (DAL). Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a rev or an expense. Item Accounts Payable. Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent (Expense) Cargo Revenue Cash Contract Carrier Arrangements (Expense) Flight Equipment Frequent Flyer (Obligations) Fuel Inventory Landing Fees (Expense) Parts and Supplies Inventories Passenger Commissions (Expense) Passenger Revenue Prepaid Expenses Taxes Payable Financial Statement ▼ Type of Account

The following accounts appeared in recent financial statements of Delta Air Lines (DAL). Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a rev or an expense. Item Accounts Payable. Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent (Expense) Cargo Revenue Cash Contract Carrier Arrangements (Expense) Flight Equipment Frequent Flyer (Obligations) Fuel Inventory Landing Fees (Expense) Parts and Supplies Inventories Passenger Commissions (Expense) Passenger Revenue Prepaid Expenses Taxes Payable Financial Statement ▼ Type of Account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Accounting type Question: Which of the following is a non operating expense? A. Salary of Managing Director B. Depreciation C. Advertisement expenditure D. Interest on loan
How did the Accounts Receivable write-off affect GENERAL MILLSS' financial statement? (in millions) Assets (Balance Sheet) [Select ] Net Income (Income Statement) [ Select ] Operating CF (Statement of CF) [ Select ]
Identifying and Classifying Financial Statement Items For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (1). (a) Machinery (b) Supplies expense (c) Inventories (d) Sales (e) Common stock (f) Factory buildings (g) Receivables (h) Taxes payable (i) Taxes expense (i) Cost of goods sold (k) Long-term debt (1) Treasury stock ◆ ◆ ◆ ♦ ♦ ◆ ◆ ♦ ♦
What is the total liabilities, please break down.
Identify which one of the following formula is used to calculate the net income of the service companies in an accounting period? a.Net Purchases – Cost of goods sold b.Net Sales – Cost of goods sold c.Services Revenue – Operational and Administrative Expenses d.Operational and Administrative Expenses – Service Revenue
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
The amount found in the Income Statement debit column on the worksheet for Income Summary is the: A.ending inventory. B.beginning inventory. C.total amount of expenses. D.total amount of revenues.
On a multiple step income statement, the account interest expense would be located under A) Net sales B) COGS C) Other Revenues and expenses
43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilities
12
Listed below is a selection of accounts found in the general ledger of Marshall Corporation as of December 31, 2026: Accounts receivable Research & development costs Goodwill Internet domain name Organization costs Initial operating loss Prepaid insurance Non-competition agreement Radio broadcasting rights Customer list Premium on bonds payable Video copyrights Trade name Notes receivable Instructions List those accounts that should be classified as intangible assets.
Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement debit P8,500; Income Statement Credit P6,750; Balance Sheet Debit P4,300; Balance Sheet debit P4,300; Balance Sheet Credit P6,050. P8,500 net loss P1,750 net income P4,300 net income P1,750 net loss