Select your language

Suggested languages for you:
Log In Start studying!
Answers without the blur. Just sign up for free and you're in → Illustration

Q. 11SE

Expert-verified
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:

aBfI
bBgB
cBhRE
dBiB
eIjI
See the step by step solution

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.

Most popular questions for Business-studies Textbooks

Icon

Want to see more solutions like these?

Sign up for free to discover our expert answers
Get Started - It’s free

Recommended explanations on Business-studies Textbooks

94% of StudySmarter users get better grades.

Sign up for free
94% of StudySmarter users get better grades.