For each of the following accounts, place the letter of the financial statement on which it would be found in the space provided.1) Treasury Stock2) Amoritization Expense3) Trucks4) Gain on Sale of Equipment5)Unearned Revenues6) Accounts Receivable

Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.

Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expenses

The financial statements are interrelated. (a) What item of financial or operating data appears on both the income statement and the statement of owners equity? (b) What item appears on both the balance sheet and the statement of owners equity? (c) What item appears on both the balance sheet and the statement of cash flows?

On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows

Which of these transactions would be part of the financing section? A. inventory purchased for cash B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash

FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.

Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable

Financial statements Each of the following items is shown on the financial statements of Exxon Mobil Corporation (XOM): 1. Accounts payable 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5. Exploration expenses 6. Income taxes payable 7. Investments 8. Long-term debt 9. Marketable securities 10. Notes and loans payable 11. Notes receivable 12. Operating expenses 13. Prepaid taxes 14. Sales 15. Selling expenses A. Identify the financial statement (balance sheet or income statement) in which each item would appear. B. Can an item appear on more than one financial statement? C. Is the accounting equation relevant for Exxon Mobil Corporation? Explain.

Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings