Please Answer, will rate! Exercise 1 - Classifying financial statement items: Be
ID: 2606095 • Letter: P
Question
Please Answer, will rate!
Exercise 1 - Classifying financial statement items: Below is a list of financial statement items. For each item, mark whether is part of assets (A), liabilities (L), shareholders’ cquity (SE), Revenue (R), or expense (E). (A) / (L)/ (SE) / (R)/ (E) Item: (1) Accounts payable (2) Accounts receivable (3) Cash and cash equivalents (4) Common Stock (5) Cost of goods sold (6) Dividends Payable (7) Income taxes (8) Interest expense (9) Inventories (10) Land (11) Net sales (12) Notes payable (13) Notes receivable (14) Property, plant, and equipment (15) Research and development expense (16) Retained earnings (17) Taxes PayableExplanation / Answer
Answer:
1
Accounts Payable
(L)Liability
2
Accounts receivable
(A) Assets
3
Cash and cash equivalents
(A) Assets
4
Common stock
(SE) Stock Holder's Equity
5
Cost of Goods sold
(E)Expanses
6
Dividend payable
(L)Liability
7
Income tax
(E)Expanses
8
Interest Expanses
(E)Expanses
9
Inventories
(A) Assets
10
Land
(A) Assets
11
Net sales
(,R)revenue
12
Notes payable
(L)Liability
13
Notes Receivable
(A) Assets
14
Property Plant equipment
(A) Assets
15
Research and development Expanses
(E)Expanses
16
Retained earning
(SE) Stock Holder's Equity
17
Taxes payable
(L)Liability
1
Accounts Payable
(L)Liability
2
Accounts receivable
(A) Assets
3
Cash and cash equivalents
(A) Assets
4
Common stock
(SE) Stock Holder's Equity
5
Cost of Goods sold
(E)Expanses
6
Dividend payable
(L)Liability
7
Income tax
(E)Expanses
8
Interest Expanses
(E)Expanses
9
Inventories
(A) Assets
10
Land
(A) Assets
11
Net sales
(,R)revenue
12
Notes payable
(L)Liability
13
Notes Receivable
(A) Assets
14
Property Plant equipment
(A) Assets
15
Research and development Expanses
(E)Expanses
16
Retained earning
(SE) Stock Holder's Equity
17
Taxes payable
(L)Liability