Question

which statement(s) you would examine to locate the following LOS items: balance sheet (BS), income statement...

which statement(s) you would examine to locate the following LOS items: balance sheet (BS), income statement (IS), statement of stockholders' equity (SE), or statement of cash flows (CF).

a. Expenses for the period

b. Cash at year-end

c. Cash used to purchase new equipment

d. Dividends for the period

Business   Accounting   
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Answer #1

a. Expense for the period will be charged on the debit side in the Income statement which calculating profit for the enterprise and under cash flow from operating activities in Cash flow statement.

b. Cash at the year end will be shown under the asset side of the Balance Sheet as it is a asset for the enterprise and shown in the balance sheet as cash and cash equivalent in Cash flow.

C. Cash used to purchase new equipment is shown under Cash flow from ingesting activities in Cash flow statement as it imapcts non current assets of the company.

D. Dividends paid for the period will be shown under Cash flow from financing activities in Cash flow statement and will be subtracted from retained earnings portion of shareholders equity in statement of stakeholders equity.

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