Exercise $1-6($Static$)$ Financial statement elements $[$LO$1-7]$

For each of the items listed below, identify the appropriate financial statement element.

Item Element

$1.$ Obligation to transfer cash or other resources as a result of a past transaction.

$2.$ Dividends paid by a corporation to its shareholders.

$3.$ Inflow of an asset from providing a good or service.

$4.$ The financial position of a company.

$5.$ Increase in equity during a period from nonowner transactions.

$6.$ Increase in equity from peripheral or incidental transaction.

$7.$ Sale of an asset used in the operations of a business for less than the asset$$s book value.

$8.$ The owners$$ residual interest in the assets of a company.

$9.$ An item owned by the company representing probable future benefits.

$10.$ Revenues plus gains less expenses and losses.

$11.$ An owner$$s contribution of cash to a corporation in exchange for ownership shares of stock.

$12.$ Outflow of an asset related to the production of revenue.