Listed below are balances for 2016. 1. Classify each account as an asset, liability, revenue, expense or

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Listed below are balances for 2016.

Accounts receivable Sales Electricity Retained profits Loan Transportation costs 80 000 250 000 30 000 50 000

1. Classify each account as an asset, liability, revenue, expense or equity.
2. Prepare an income statement for the period ending 31 December 2016.

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Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

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Question Posted: Jan 04, 2024 07:14 AM

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Listed below are balances for 2016. 1. Classify each account as an asset, liability, revenue, expense or

Question:

Accounts receivable Sales Electricity Retained profits Loan Transportation costs 80 000 250 000 30 000 50 000 200 000 10000

Step by Step Answer:

Based on the information provided in the image here is the classification of each account 1 Accounts ...View the full answer

Financial Accounting An Integrated Approach

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