Consider the following information: Required Classify each of the items above according to (1) Whether it appears

Question:

Consider the following information:

Required
Classify each of the items above according to
(1) Whether it appears on the income statement or balance sheet
(2) Whether it is classified as a revenue, expense, asset, liability, or 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...