Question: Indicate whether each of the items below is a real or nominal account and whether it appears in the balance sheet or the income statement.

Indicate whether each of the items below is a real or nominal account and whether it appears in the balance sheet or the income statement.

(a) Prepaid Rent.

(b) Salaries and Wages Payable.

(c) Merchandise Inventory.

(d) Accumulated Depreciation.

(e) Office Equipment.

(f) Income from Services.

(g) Office Salaries Expense.

(h) Supplies on Hand.

Step by Step Solution

★★★★★

3.35 Rating (176 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a R eal account balance sheet b Real account balance sheet c Merchandise inventory is general... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

11-B-A-G-F-A (110).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Indicate whether each of the following accounts would be reported on the balance sheet (BS) or income statement (IS) of Home Repair Company. Further, if the account is reported on the balance sheet,...

Q:

Indicate whether or not each of the items below would be shown on a cash flow statement, with operating activities reported using the indirect method. Indicate whether the adjustment is added to,...

Q:

Indicate whether each of the following would be treated as a debit or a credit in a journal entry. a. Increase in equipment. b. Increase in unearned revenue. c. Decrease in accounts receivable. d....

Q:

Indicate whether each of the items below is a real or nominal account and whether it appears in the balance sheet or the income statement. (a) Prepaid Rent. (b) Salaries and Wages Payable. (c)...

Q:

7. Indicate whether each of the items below is a real or nominal account and whether it appears in the statement of financial position or the income statement. a. Prepaid Rent. b. Salaries and Wages...

Q:

7. Indicate whether each of the items below is a real or nominal account and whether it appears in the statement of financial position or the income statement. a. Prepaid Rent. b. Salaries and Wages...

Q:

1. Which of the following is a real (permanent) account? A. Goodwill B. Service Revenue C. Accounts Receivable D. Both Goodwill and Accounts Receivable 2. Which of the following is a nominal...

Q:

7. Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement. (a) Prepaid Rent. (b) Salaries and Wages Payable. (c)...

Q:

A firm offers three different prices on its products, depending upon the quantity purchased. Since available resources are limited, the firm would like to prepare an optimal production plan to...

Q:

Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement. (a) Prepaid Rent. (b) Salaries and Wages Payable. (c)...

Q:

In this problem available information is not enough to solve ratios asked so that need to prepare Trading Account to identify values which are not given in the question. Compute sales amount, average...

Q:

You are a management consultant for a 30-year old partner in a large law firm. In a meeting, your client says: According to an article in the New York Times, 57 percent of large law firms have a...

Q:

A majority ( 5 0 - 8 0 % ) of managed funds actually do not outperform the S&P 5 0 0 index . why do you think that is ?

Q:

You have another client (client X) in a similar industry requiring advice on entering the share market. This client is a small player. Write a report on the major strengths weaknesses opportunities...

Q:

Compute the convolution of x[n] *h[n] given below: x(n) = (-1) h(n) = (2)"(3-n) (n 2) 1

Q:

Wild West produces two types of cowboy hats. A Type 1 hat requires twice as much labor time as a Type 2. If all the available labor time is dedicated to Type 2 alone, the company can produce a total...

Q:

In a process design, the following process streams must be cooled or heated: Use the MUMNE algorithm for heat-exchanger networks and a minimum approach temperature of 20F. Determine the temperature...

Q:

Jackson Corporation accountants assembled the following data for the year ended December 31, 2012: Requirement 1. Prepare Jackson Corporations statement of cash flows using the indirect method to...

Q:

Data from the comparative balance sheet of Sterling Company at March 31, 2012, follow: Sterling Companys transactions during the year ended March 31, 2012, included the following: Requirements 1....

Q:

Zonker Inc. purchases 500 units of an item at an invoice cost of $30,000. What is the cost per unit? If the goods are shipped f.o.b. shipping point and the freight bill was $1,500, what is the cost...

Q:

Specific identification is sometimes said to be the ideal method of assigning cost to inventory and to cost of goods sold. Briefly indicate the arguments for and against this method of inventory...

Q:

How might a company obtain a price index in order to apply dollar-value LIFO?

Q:

Go to a local library; collect a sample of books consisting of the ages of book (based on copyright dates). Plan and describe the sampling procedure, then use the results to construct a confidence...