Below is a list of financial statement items. Utilities expense Building Owners capital

Question:

Below is a list of financial statement items.

______ Utilities expense

______ Building

______ Owner’s capital

______ Net income

______ Land

______ Equipment

______ Revenues

______ Accounts receivable

______ Accounts payable

______ Rent expense

______ Withdrawals

______ Fees earned

______ Cash

______ Supplies

______ Wages 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...