Question: Classify each of the following as assets liabilities or owners

Classify each of the following as assets, liabilities, or owners’ equity for Kiren Company:
A. Kiren Company’s owners have contributed $ 100,000 to the company.
B. Kiren Company owes $ 10,000 to the bank on a three- year note payable.
C. Kiren Company bought and has not yet sold $ 50,000 of inventory.
D. Kiren Company owns a piece of land costing $ 175,000 for a future building site.
E. Kiren Company owes the Internal Revenue Service $ 2,000 for taxes.
F. Kiren Company has office and other supplies costing $ 1,500.
G. Kiren Company owes the utility company $ 1,250 for services received last month.

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  • CreatedMarch 25, 2015
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