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what are the top 3 most important sources of revenues, and the top 3 most important sources of expenses.

what are the top 3 most important sources of revenues, and the top 3 most important sources of expenses.

FINANCIAL ACCOUNTING
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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what are the top 3 most important sources of revenues, and the top 3 most important sources of expenses. 

Example Company Balance Sheet December 31, 2017 ASSETS LIABILITIES Current assets Current liabilities Notes payable Accounts payable Wages payable Interest payable Taxes payable Warranty liability Unearned revenues Cash $ 2,100 $ 5,000 Petty cash Temporary investments 100 35,900 10,000 8,500 2,900 Accounts receivable - net 40,500 Inventory Supplies Prepaid insurance Total current assets 31,000 3,800 6,100 1,100 1,500 1,500 89,000 Total current liabilities 61,000 Long-term liabilities Notes payable Bonds payable Total long-term liabilities Investments 36,000 20,000 Property, plant & equipment 400,000 420,000 Land 5,500 Land improvements Buildings Equipment Less: accum depreciation Prop, plant & equip - net 6,500 180,000 201,000 (56,000) 337,000 Total liabilities 481,000 Intangible assets STOCKHOLDERS’ EQUITY 105,000 200,000 305,000 Goodwill Common stock 110,000 Retained earnings Accum other comprehensive income Less: Treasury stock Total stockholders' equity Trade names 220,000 9,000 (50,000) 289,000 Total intangible assets Other assets 3,000 Total assets $ 770,000 Total liabilities & stockholders' equity $ 770,000 The notes to the sample balance sheet have been omitted.
Transcribed Image Text:Example Company Balance Sheet December 31, 2017 ASSETS LIABILITIES Current assets Current liabilities Notes payable Accounts payable Wages payable Interest payable Taxes payable Warranty liability Unearned revenues Cash $ 2,100 $ 5,000 Petty cash Temporary investments 100 35,900 10,000 8,500 2,900 Accounts receivable - net 40,500 Inventory Supplies Prepaid insurance Total current assets 31,000 3,800 6,100 1,100 1,500 1,500 89,000 Total current liabilities 61,000 Long-term liabilities Notes payable Bonds payable Total long-term liabilities Investments 36,000 20,000 Property, plant & equipment 400,000 420,000 Land 5,500 Land improvements Buildings Equipment Less: accum depreciation Prop, plant & equip - net 6,500 180,000 201,000 (56,000) 337,000 Total liabilities 481,000 Intangible assets STOCKHOLDERS’ EQUITY 105,000 200,000 305,000 Goodwill Common stock 110,000 Retained earnings Accum other comprehensive income Less: Treasury stock Total stockholders' equity Trade names 220,000 9,000 (50,000) 289,000 Total intangible assets Other assets 3,000 Total assets $ 770,000 Total liabilities & stockholders' equity $ 770,000 The notes to the sample balance sheet have been omitted.
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