A list of financial statement items follows. Wages expense Equipment Equipment rental expense Net income Land Owners

Question:

A list of financial statement items follows.

Wages expense

Equipment

Equipment rental expense

Net income

Land

Owner’s capital

Revenues

Accounts receivableAccounts payable

Rent expense

Withdrawals

Fees earned

Cash

Supplies

Utilities expense

Required

1. Indicate whether each item is found on the income statement (IS), statement of owner’s equity (OE), and/or balance sheet (BS).

2. Which statement is most closely associated with the goal of profitability?

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...