1 Indicate whether each of the following accounts is an asset (A), a liability (L), or a part of stockholders ' equity (SE) a Building b Salaries Payable c Accounts Receivable d Common Stock e Cash f Accounts Payable g Equipment 2 Indicate whether each account that follows would be shown on the inc...

1. Indicate whether each of the following accounts is an asset (A), a liability (L), or a...

Question:

1. Indicate whether each of the following accounts is an asset (A), a liability (L), or a part of stockholders' equity (SE):
a. Building
b. Salaries Payable
c. Cash
f. Equipment
2. Indicate whether each account that follows would be shown on the income statement (IS), the statement of retained earnings (RE), or the (BS).
a. Commissions Earned
b. Automobile
c. Utilities Expense
d. Land
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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...