Use the same abbreviations as in 1-26 to answer the following question.
In 1-26
CA…………………………….. Current assets
NCA…………………………... Non-current assets CL Current liabilities
NCL…………………………… Non-current liabilities
SC……………………………… Share capital
RE……………………………... Retained earnings
IS………………………………. Statement of earnings item
SCF……………………………. Statement of cash flows item
Required:
Classify the following items according to where they would appear in the financial statements:
a. Rent payable
b. Amounts owed by customers of the company
c. Administrative expense
d. Acquisition of a long-term bank loan
e. Purchase of office supplies with cash
f. Net earnings for the year
g. Cash proceeds from the sale of old equipment
h. Increase in the cash balance for the year
i. Income taxes expense
j. Cost to the company of inventory sold to customers this year