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Q. 11SE

Horngren'S Financial And Managerial Accounting
Found in: Page 35

Short Answer

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.

Financial statements are identified as follows:

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Step by Step Solution

Step1: 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.

Step2: 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.

Step 3: 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.

Step 4: Explanation on Statement of cash flows

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

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