Part 1: Balance Sheet Classify the list of financial elements within the differe
ID: 2561723 • Letter: P
Question
Part 1: Balance Sheet
Classify the list of financial elements within the different categories of a balance sheet.
Categories
Elements
Short-term assets
Long-term assets
Short-term liabilities
Long-term liabilities
Owner’s equity
Cash
Accounts payable
Land
Property, plant, and equipment
Inventory
Accounts receivable
Paid in capital
Retained earnings
Notes payable
Mortgage
Then, explain in 2 or 3 paragraphs which sequence the four major financial statements need to be prepared for, and why.
Part 2: Statement of Cash Flow
Classify the list of financial elements within the different categories of a statement of cash flow.
Categories
Elements
Operating activities
Investing activities
Financing activities
Net income-decreased for period
Accounts receivable increase for period
Accounts payable decrease for period
Accruals decrease for period
Depreciation-increases for period
Stock issued
Property purchased
Bonds paid off
Inventories increase for period
Accrued liabilities decrease
Notes payable increase for period
Bonds redeemed for period
Inventory-decreased for period
Then, in a 1-page paper, explain whether or not each item would be considered a source or use of cash for the period in question.
Categories
Elements
Short-term assets
Long-term assets
Short-term liabilities
Long-term liabilities
Owner’s equity
Cash
Accounts payable
Land
Property, plant, and equipment
Inventory
Accounts receivable
Paid in capital
Retained earnings
Notes payable
Mortgage
Explanation / Answer
Classify the list of financial elements within the different categories of a balance sheet
Classify the list of financial elements within the different categories of a statement of cash flow
Elements Categories cash Short-term assets Account payable Short-term liabilities Land Long-term assets Property, plant, and equipment Long-term assets Inventory Short-term assets Account receivable Short-term assets Paid in capital Owner’s equity Retained earnings Owner’s equity notes payable Short-term liabilities Mortgage Long term Liabilities