Financial Statement Items Identify each of the following items as (a) an asset,
ID: 2515327 • Letter: F
Question
Financial Statement Items
Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend:
1. Amounts due from customers
2. Amounts owed suppliers
3. Cash on hand
4. Cash paid to stockholders
5. Cash sales
6. Equipment
7. Note payable owed to the bank
8. Rent paid for the month
9. Sales commissions paid to salespersons
10. Wages paid to employees
1. Amounts due from customers
2. Amounts owed suppliers
3. Cash on hand
4. Cash paid to stockholders
5. Cash sales
6. Equipment
7. Note payable owed to the bank
8. Rent paid for the month
9. Sales commissions paid to salespersons
10. Wages paid to employees
Explanation / Answer
1.a - asset
2.b - liability
3.a - asset
4.e - dividend
5.c - revenue
6.a - asset
7.b - liability
8.d - expense
9.d - expense
10.d - expense