Identify the accounts as “Income”, “Expense” for “Other Account Type” depending

Question

Identify the accounts as “Income”, “Expense” for “Other Account Type” depending on the “Account Type” given in the table below.

If you select “Other Account Type” then select either “COGS”, “Other Income” or “Other Expense” [the selection of “Income” .vs. “Other Income” or “Expense” .vs. “Other Expense” is important because “Income” and “Expense” accounts will appear in the “operating” section of the income statement, whereas “Other Income” and “Other Expense” account types will appear in the “non-operating” section of the income statement.]

ccount NumberAccount Type 101 103 104 105 108 110 115 ccount Name Cash Short-termInvestments Bank Other Current Assets ccounts Receivable Inventory Prepaid Insurance Supplies Prepaid Rent ccounts Receivable Inventory Other Current Assets Other Current Assets Other Current Assets Pallet Jack Accumulated Dep. - Pallet Jack Fork Lift Accumulated Dep. - Fork Lift Packaging Machine Accumulated Dep. - Packaging Machine173 151 153 161 163 Fixed Assets Fixed Assets Fixed Assets Fixed Assets Fixed Assets Fixed Assets

Explanation / Answer

Account Name Account Type Cash Current Assets Short-Term Investments Investments Accounts Receivables Current Assets Inventory Current Assets Prepaid Insurance Current Assets Supplies Current Assets Prepaid Rent Current Assets Pallet Jack Non Current Assets / Intangible Assets Accumulated Dep - Pallet Jack Non Current Assets / Intangible Assets Fork Lift Non Current Assets / Intangible Assets Accumulated Dep - Fork lift Non Current Assets / Intangible Assets Packaging Machine Non Current Assets / Intangible Assets Accumulated Dep - Packaging Machine Non Current Assets / Intangible Assets Computer Non Current Assets / Intangible Assets Accumulated Dep - Computer Non Current Assets / Intangible Assets Accounts Payable Current Liabilities Payroll taxes Payable Current Liabilities Utilities Payable Current Liabilities Notes Payable Non Current Liabilities / Long Term Liability Common Stock Equity Retained Earnings Equity Dividends Declared Current Liabilities Sales Income COGS Cost of Goods Sold Supplies Expenses Expenses Rent Expenses Expenses Wages Expenses Expenses Payroll Tax Expense Expenses Insurance Expense Expenses Depreciation Expense Expenses Utilities Expenses Expenses Misc. Exp. Expenses Interest Income Other Income Dividend Income Other Income Interest Expense Other Expense Gain / Loss on Sale - Investments Other Income Gain / Loss on Sale - Fixed Assets Other Income

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