Exercise 2-7 (Static) Identify accounts by category and financial statement(s) LO 2, 4 Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the item can usually be found. Caption Category Financial Statement(s) Cash Accounts payable Common stock Depreciation expense Net sales Income tax expense Short-term investments Gain on sale of land Retained earnings Dividends payable Accounts receivable Short-term debt

Exercise 2-7 (Static) Identify accounts by category and financial statement(s) LO 2, 4 Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the item can usually be found. Caption Category Financial Statement(s) Cash Accounts payable Common stock Depreciation expense Net sales Income tax expense Short-term investments Gain on sale of land Retained earnings Dividends payable Accounts receivable Short-term debt

Name: Exercise 2-7 (Static) Identify accounts by category and financial sta
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Exercise 2-7 (Static) Identify accounts by category and financial statement(s) LO 2, 4Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category ofeach item and the financial statement(

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 5PA: Identify the financial statement on which each of the following account categories would appear: the...

See similar textbooks

Similar questions

Identifying Financial Statement Line Items and Accounts Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) we would likely find the item or account: income statement (IS), balance sheet (BS), statement of stockholders' equity (SE), or statement of cash flows (SCF). (Select all that apply.) Account (a) Cash asset (b) Expenses (c) Noncash assets (d) Contributed capital (e) Cash outflow for capital expenditures (f) Retained earnings (g) Cash inflow for stock issued (h) Cash outflow for dividends (i) Revenue Financial Statement(s) ◆ + + ♦ ♦ + ◆
Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Table 3.21
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
art 1 ancial statements? Try answering th mat I Know. It's okay if you write key Questions: What is the importance of preparing financial statements? Enumeraté the complete set of financial statements Discuss the function of each set/elements of financial statements. and general features of financial sta
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
3 Identify the type of account, its normal balance and on which financial statement each of the following accounts would appear: Solution Account Asset, Liability or Equity Debit or Credit Financial Statement Income Statement, Statement of retained Earnings, or Balance Sheet Normal Balance 1 Accounts Receivable Common Stock 3. Notes Payable 4 Sales Revenue Office Supplies Unearned Revenue Inventory Equipment 6. 7. 8. 9. Dividends 10 Accounts Payable 2
Statement of Financial Accounting Concepts No. 5 identifiesfour characteristics that an item must have before it is recognizedin the financial statements. What are these fourcharacteristics?
10. Accounts receivable and accounts payable are most likely classified as which financial statement elements? Accounts receivable Accounts payable Revenues Liabilities Assets Liabilities Revenues Expenses
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the owner's equity statement (OES), or the Balance Sheet (BS). Insurance Expense [ Select] [ Select ] OES Accounts Receivabl BS IS Notes Payable [ Select] >
Match each account or description on the left with the appropriate classification on the right. v Discount on bonds payable A. Expense v Common stock B. Owners' equity v Prepaid insurance C. Contra-liability v Retained earnings D. Asset v Income taxes owed but not yet paid E. Liability v Cost of goods sold v Prepaid insurance that is used up during a period v Amounts deposited in a checking account v Inventory v Bonds payable arch
Question 3 Explain the following accounting terms used in the preparation and presentation of published financial statements: Reserves Earnings per share Debenture interest Share premium