For each transaction, indicate whether each account would be classified in the balance sheet as (a) An
Question:
For each transaction, indicate whether each account would be classified in the balance
sheet as
(a) An asset,
(b) A liability,
(c) Stockholders’ equity; in the income statement as
(d) A revenue
(e) An expense; or in the statement of stockholders’ equity as
(f) A dividend.
Account Classifications Accounts Related Transactions Utilities payable Cash Amounts owed for utilities. Cash available for use. 1. 2. Salaries expense Common stock 3. Cost of salaries. Shares of ownership sold to investors. Sale of services to customers. 4. 5. Service revenue
Step by Step Answer:
1 a An asset e A dividend 2 a An asset e A dividend 3 e An expense f A dividend 4 a An asset f ...View the full answer
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Related Video
Stocks (also known as equities) are securities that represent ownership in a company. They are issued by companies to raise capital, and when an individual buys stocks, they become a shareholder in that company. Investing in stocks can be a way for individuals to potentially earn a return on their investment through dividends and capital appreciation. However, investing in stocks also carries a level of risk, as the value of the stock can fluctuate based on various factors such as the financial performance of the company and general market conditions. For companies, issuing stocks can be a way to raise funds for growth and expansion. When a company goes public by issuing an initial public offering (IPO), it can raise significant capital by selling ownership stakes to the public. Companies can also issue additional stock offerings to raise additional capital as needed.
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