Question

The following items were taken from the financial statements of Tiger Inc: a. Income tax expense...

The following items were taken from the financial statements of Tiger Inc:

a. Income tax expense

b. Interest expense

c. Service revenue

d. Accounts receivable

e. Retained earnings

f. Inventory

g. Accounts payable

h. Contributed capital

i. Dividends

j. Outstanding rent Required

: Identify whether each item would appear on the Balance Sheet, the Income Statement or the Statement of Retained Earnings.

Business   Accounting   
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Answer #1
Ans. Items Financial Statements
a. Income tax expense Income statement
b. Interest expense Income statement
c. Service revenue Income statement
d. Accounts receivable Balance sheet
e. Retained earnings Statement of retained earnings
f. Inventory Balance sheet
g. Accounts payable Balance sheet
h. Contributed capital Balance sheet
i. Dividends Statement of retained earnings
j. Outstanding rent Required Balance sheet
*Explanations:
*Assets and liabilities are listed in balance sheet.
*Revenues and expenses are the part of income statement.
*Dividends are subtracted from the beginning balance of retained
earnings, that's why both are listed in the statement of retained earnings.
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