Exercise $1-6($Static$)$ Financial statementelements $[$LORT

For each of the items listed below, Identif the appropriate finanothstatement element

Item

Element

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

Dividends paid by a corporation to its shareholders.

Inflow of an asset from providing a good or service.

The financial position of a company.

Increase in equity during a period from nonowner transactions.

Increase in equity from peripheral or incidental transaction.

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

The owners' residual interest in the assets of a company.

An item owned by the company representing probable future benefits.

Revenues plus gains less expenses and losses.

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

Outfiow of an asset related to the production of revenue.