Managers often consult financial statements for specific types of information. Indicate whether each of the following items would appear on the income statement, statement of owner’s equity, or the balance sheet. Use I for the income statement, E for the statement of owner’s equity, and B for the balance sheet. If an item appears on more than one statement, use all letters that apply to that item.
1. Accumulated depreciation on the firm’s equipment
2. Amount of depreciation charged off on the firm’s equipment during the period
3. Original cost of the firm’s equipment
4. Book value of the firm’s equipment
5. Total expenses for the period
6. Accounts payable of the business
7. Owner’s withdrawals for the period
8. Cash on hand
9. Revenue earned during the period
10. Total assets of the business
11. Net income for the period
12. Owner’s capital at the end of the period
13. Supplies on hand
14. Cost of supplies used during the period
15. Accounts receivable of the business