Listed in alphabetical order, the following selected items (in thousands) were taken from Parker Information Technology Company's

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Listed in alphabetical order, the following selected items (in thousands) were taken from Parker Information Technology Company's December 31, 2017, financial statements:
Listed in alphabetical order, the following selected items (in thousands)

Instructions
(a) In each case, identify on the blank line in the first column whether the item is an asset (A), liability (L), capital (C), drawings (D), revenue (R), or expense (E) item. The first one has been done for you as an example.
(b) Indicate on the blank line in the second column which financial statement-income statement (IS), statement of owner's equity (OE), or balance sheet (BS)-each item would be reported on. The first one has been done for you as an example.
(c) Calculate the company's profit or loss for the year ended December 31, 2017.
TAKING IT FURTHER
Is it important for Parker Information Technology Company to keep track of its different types of expenses as separate items? Explain.

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...
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Accounting Principles

ISBN: 978-1119048503

7th Canadian Edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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