Suppose you are analyzing the financial statements of Grant Medical, Inc. Identify each item with its appropriate

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Suppose you are analyzing the financial statements of Grant Medical, Inc. Identify each item with its appropriate financial statement, using the following abbreviations: Income statement (IS), Statement of retained earnings (SRE), Balance sheet (BS), and Statement of cash flows (SCF). Three items appear on two financial statements, and one item shows up on three statements.
a. ___ Dividends
b. ___ Salary expense
c. ___ Inventory
d. ___ Sales revenue
e. ___ Retained earnings
f. ___ Net cash provided by operating activities
g. ___ Net income
h. ___ Cash
i. ___ Net cash used for financing activities
j. ___ Accounts payable
k. ___ Common stock
l. ___ Interest revenue
m. ___ Long-term debt
n. ___ Increase or decrease in cash

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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...
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Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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