Matching Financial Statement Items to Financial Statement Categories Mark each item in the following list as an
Question:
Mark each item in the following list as an asset (A), liability (L), or stockholders’ equity (SE) item that would appear on the balance sheet or a revenue (R) or expense (E) that would appear on the income statement.
__(1) Retained earnings
__(2) Accounts receivable
__(3) Sales revenue
__(4) Property, plant, and equipment
__(5) Cost of goods sold expense
__(7) Interest expense
__(8) Accounts payable
__(9) Land
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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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SE 1 Retained earnings A 2 Accounts rece...View the full answer
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