Question: please explain it (2.5pts; 0.25pts each part) Wherever it Takes Us, Corp. listed the items below on their 2021 financial statements. For each item, indicate
(2.5pts; 0.25pts each part) Wherever it Takes Us, Corp. listed the items below on their 2021 financial statements. For each item, indicate whether Wherever It Take Us would report the related account in the Balance Sheet, Income Statement, and/or Statement of Stockholders Equity. For items on the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders' equity. For items on the income statement, indicate whether it would be classified as a revenue or an expense. I have done the first one as an example for you. a. Retained Earnings (RE appears both on the Balance Sheet and on the Statement of Stockholder's Equity. On the Balance Sheet, RE would be classified as Stockholders' Equity). b. Accounts Payable c. Cash d. Advertising Expense e. Common Stock f. Dividends g. Property and Equipment h. Long Term Debt i. Sales Revenue j. Accounts Receivable k. Interest Expense
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
