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Chapter 1: Q. 11SE (page 35)

Identifying accounts on the financial statements Consider the following accounts: a. Accounts Payable b. Cash c. Common Stock d. Accounts Receivable e. Rent Expense f. Service Revenue g. Office Supplies h. Dividends i. Land j. Salaries Expense Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, RE for Statement of Retained Earnings, B for Balance Sheet, and C for Statement of Cash Flows.

Short Answer

Expert verified

Financial statements are identified as follows:

aBfI
bBgB
cBhRE
dBiB
eIjI

Step by step solution

01

Explanation on the balance sheet

The balance sheet represents the economic resources, debts, and equity on a particular date. It includes assets, liabilities, and owners' equity.

02

Explanation of Income Statement

The income statement indicates the profitability of the business for a particular period. It includes all revenues and expenses of the company for the period.

03

Explanation on Statement of retained earnings

Statement of retained earnings report the net change in the entity's retained earnings. It includes the beginning retained earnings, net income, and dividends paid for the period.

04

Explanation on Statement of cash flows

It records the cash transactions of the business only for the period.

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Most popular questions from this chapter

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Question:Blanchette Plant Service completed a special landscaping job for Kerry Company. Blanchette uses ABC and has the following predetermined overhead allocation rates:

Activity Predetermined

Allocation Base Overhead Allocation Rate

Designing Number of designs \( 290 per design

Planting Number of plants \) 20 per plant

The Kerry job included \(750 in plants; \)1,300 in direct labor; one design; and 30 plants.

Requirements

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Meg McIntyre opened a public relations firm called Pop Chart on August 1, 2018. The following amounts summarize her business on August 31, 2018During September 2018, the business completed the following transactions: a. Received contribution of \(14,000 cash from Meg McIntyre in exchange for common stock. b. Performed service for a client and received cash of \)1,600. c. Paid off the beginning balance of accounts payable. d. Purchased office supplies from OfficeMax on account, \(1,200. e. Collected cash from a customer on account, \)2,300. f. Cash dividends of \(1,500 were paid to stockholders. g. Consulted for a new band and billed the client for services rendered, \)4,000. h. Recorded the following business expenses for the month: Paid office rent: \(900. Paid advertising: \)450. Analyze the effects of the transactions on the accounting equation of Pop Chart using the format presented above.:
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