Here is a list of financial statement accounts. Identify whether
the listed accounts appear on the...
Here is a list of financial statement accounts. Identify whether
the listed accounts appear on the balance sheet
(B/S)or the income statement
(I/S), and the nature of the account the using
letter A for assets, L for
liabilities, SE for shareholders’ equity,
R for revenue, E for expenses,
and NA for not applicable.
Accounts
B/S or I/S or N/A
A, L, SE, R, E or N/A
Amortization expense
Common stock
Accounts receivable
Dividends payable
Sales revenue
Inventory
Wages payable
Equipment...
You are presented with the following alphabetical list of
accounts and balances (in thousands) for Sunland...
You are presented with the following alphabetical list of
accounts and balances (in thousands) for Sunland Enterprises Inc.
at June 30, 2018. All accounts have a normal balance.
Accounts payable
$ 3,100
Income tax payable
$ 100
Accounts receivable
3,000
Interest expense
100
Accumulated depreciation—buildings
3,600
Land
7,600
Accumulated depreciation—equipment
900
Long-term investments
3,800
Buildings
13,900
Inventory
5,200
Cash
1,200
Mortgage payable, due 2025
16,000
Common shares
5,500
Office expense
2,900
Cost of goods sold
14,100
Prepaid insurance
900
Dividends...
The following selected accounts from Highview Electronics
Corporation’s general ledger are presented below for the year...
The following selected accounts from Highview Electronics
Corporation’s general ledger are presented below for the year ended
December 31, 2021:
Accounts receivable
$254,400
Accumulated depreciation—equipment
733,920
Advertising expense
52,800
Common shares
240,000
Cost of goods sold
1,125,120
Depreciation expense
120,000
Dividends declared
144,000
Equipment
1,392,000
Freight out
24,000
Income tax expense
67,200
Insurance expense
22,080
Interest expense
59,520
Interest income
28,800
Inventory
93,120
Prepaid expenses
29,760
Rent income
23,040
Retained earnings
513,600
Salaries expense
676,800
Sales
2,485,920
(a) Prepare a...
Identifying
Financial Statement Line Items and Accounts
Several line items and account titles are listed below....
Identifying
Financial Statement Line Items and Accounts
Several line items and account titles are listed below. For each,
indicate in which of the following financial statement(s) you would
likely find the item or account: income statement (IS), balance
sheet (BS), statement of stockholders’ equity (SE), or statement of
cash flows (SCF).
a. Cash asset Answer
IS,BS,SE,SCF
b. Expenses Answer
IS,BS,SE,SCF
c. Noncash assets
Answer IS,BS,SE,SCF
d. Contributed capital
Answer IS,BS,SE,SCF
e. Cash outflow for
land Answer IS,BS,SE,SCF
f. Retained earnings...
Meilleur uses a perpetual inventory system.
The following is a list of the accounts and balances...
Meilleur uses a perpetual inventory system.
The following is a list of the accounts and balances taken from the
adjusted trial balance at December 31, 2017 for Meilleur Merchants.
The list of accounts is in alphabetical order. All accounts have
normal balances.
Account Balance
Dec. 31
1 Accounts payable 15,000
2 Accounts receivable 30,000
3 Accumulated depreciation—building
15,500
4 Accumulated depreciation—equipment
10,000
5 Advertising expense
4,500
6 Building
84,600
7 S. Meilleur, capital
75,000
8 S. Meilleur, drawings
28,300
9...
QUESTION 1
Karya Berjaya Bhd is a telecommunication company. Below is a
list of account balances...
QUESTION 1
Karya Berjaya Bhd is a telecommunication company. Below is a
list of account balances of the company at 31 December 2019.
Accounts
RM
A
Account receivables
45,691
Accounts payable
15,390
Accumulated depreciation – buildings
10,500
Accumulated depreciation - equipment
4,915
Allowance for doubtful debts
300
B
Bonds payable
250,750
Buildings
571,950
Bad debt expense
300
C
Cost of goods sold
356,730
Cash
547,610
D
Depreciation expense – building
3,240
Depreciation expense – equipment
2,500
E
Equipment
210,000
G...
Use the below information to answer the question.
Partial List of Accounts
A/P = 50,000
A/R...
Use the below information to answer the question.
Partial List of Accounts
A/P = 50,000
A/R = 600,000
Accumulated Depreciation = 45,000
Unearned Revenue = 33,000
Cost of Goods Sold = 9,000,000
Gain on Equipment (Sale) = 13,000
Interest Expense = 87,000
Inventory = 60,000
Loss on Equipment = 70,000
Property, Plant, & Equipment = 300,000
Sales = 11,555,000
Utilities Expense = 95,000
What will be the second number in the amount
closed into
retained earnings? Will you debit or...
The following list of accounts is from the adjusted trial
balance for Monty Corporation:
Accounts payable...
The following list of accounts is from the adjusted trial
balance for Monty Corporation:
Accounts payable $128,640
Equipment $907,200
Accounts receivable 179,520
Income tax expense 58,560
Accumulated depreciation—buildings 94,080
Insurance expense 112,320
Accumulated depreciation—equipment 217,920
Inventory 222,720
Advertising expenses 107,520
Land 1,056,000
Buildings 410,880
Loan payable (due in 2 years) 1,872,000
Cash 68,160
Prepaid expenses 27,840
Common shares 220,800
Property tax payable 17,280
Cost of goods sold 1,069,440
Refund liability 20,160
Deferred revenue 30,720
Salaries expense 744,960
Depreciation expense 180,480...
The following selected accounts from the Wildhorse Co.’s general
ledger are presented below for the year...
The following selected accounts from the Wildhorse Co.’s general
ledger are presented below for the year ended December 31,
2022:
Advertising expense
$ 59,000
Interest revenue
$ 36,000
Common stock
254,000
Inventory
71,000
Cost of goods sold
1,089,000
Rent revenue
24,000
Depreciation expense
129,000
Retained earnings
539,000
Dividends
154,000
Salaries and wages expense
678,000
Freight-out
29,000
Sales discounts
9,000
Income tax expense
74,000
Sales returns and allowances
47,000
Insurance expense
15,000
Sales revenue
2,403,000
Interest expense
73,000
Prepare a multiple-step...
Classify each of the accounts from Stance Company as Asset (A),
Liability (L), Stockholders Equity (SE),...
Classify each of the accounts from Stance Company as Asset (A),
Liability (L), Stockholders Equity (SE), Revenue (R), Expense (E),
or Dividend (D) and also indicate the typical balance in the
account as Debit (D) or Credit (C)
Prepaid Rent
Depreciation
Investment
Accrued Expense
Sales
Common Stock
Note Payable
Accumulated Depreciation
Cost of Goods Sold
Unearned Revenue
Accounts Receivable
Dividends
Utilities
Paid in Capital
Retained Earnings