Sunnys Noodles has the following balance sheet items. Accounts payable ..........Accounts receivable Insurance expense ..........Taxes payable Wages

Question:

Sunny’s Noodles has the following balance sheet items.

Accounts payable ..........Accounts receivable

Insurance expense ..........Taxes payable

Wages expense ..........Food inventory

Cash ..............Kitchen equipment

Classify each item as an asset, liability, or stockholders’ equity.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...