HOMEWORK Please tell me if the following are found Assets, Liabilities, Equity, Revenue, or Expense accounts.  Also if they are Real or Nominal accounts Tax Expense  Smith, Drawings Depreciation Expense Supplies on hand

Q: The balance sheet lists which of the following?A. assets, liabilities, and owners’ equityB.…

A: Every business wants to see and review its financial results at the end of the period. It means how…

Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…

A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Q: a. Prepare an income statement for the year using the "functional" method with supporting notes. b.…

A: Introduction: Expenses in an income statement are categorized in keeping with their nature or…

Q: Prepare the following i. The income & expenditure account for the financial period

A: Income and expenditure is similar to P & L A/C of trading /business entities.it is used by non-…

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: Insurance expense Office expense Supplies expense Real estate and payroll taxes Depreciation expense…

A: Expenses are those cash outflows which is done for earning revenue. It is part of Income Statement.…

Q: Which of the accounts listed below would be classified as asset accounts? Group of answer choices…

A: Assets means anything which would help business to earn profits and increase profit earning…

Q: Match each of the following accounts to its proper balance sheet classification. Accounts payable…

A: The balance sheet represents the financial position of the business on a particular date.

Q: Please answer what Financial Statement or Statements the following accounts go on.  Additionally if…

A: State account to which financial statement the following account goes into as shown below:

Q: Give what is required, For the Classification: (Classify the account if it is current/noncurrent…

A: The different accounts in the business are classified as asset, liabilities, revenue, expenses and…

Q: (a)Explain, using practical example the effect of accruals figures on the preparation of a…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Match each of the following accounts to its proper balance sheet classification. Accounts payable…

A: Balance sheet is the financial statement of a company. It helps in maintaining the records of…

Q: For each Account Type, identify the Financial Statement on which the account would appear (balance…

A: Note: As per general accounting rule, All the assets and expenses have the debit balance and all the…

Q: Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant…

A: As per IFRS 1 Current asset is cash and cash equivalents and includes amount receivable with in…

Q: Indicate whether each of the following items is a real ornominal account and whether it appears in…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Warm-up: Elements of Statement of Comprehensive Income Identify the correct dassification of each of…

A: The balance sheet represents the financial position of the business on the particular date, The…

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: From othe basic accounting equation Assets = Liabilities + Owners Equity, where does uncollectible…

A: As per accounting equation, assets = Liabilities + owners' equity

Q: Please tell if the following are Assets, liabilities, or equity 1) accounts receivable 2) Smith,…

A: Balance sheet is a financial statement that depicts the value of assets, liabilities and capital as…

Q: Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4)…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Which of these accounts can be found in the post-clo: O Assets and liabilities O Assets,…

A: Post-closing trial balance show the all debit and credit balance of assets and liabilities and…

Q: state what financial statement or statments the following accounts are found on 1) Income Statement…

A: Financial Statement Financial statement are refer as the statement which tells the financial…

Q: Indicate the financial statement on which each of the following items appears. income…

A: Owner Withdrawals is a contra-equity account

Q: Under the column Financial Statement, choose from the list of codes below, the appropriate financial…

A:

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: Which financial statement reports the balances in the permanent accounts (assets, liabilities;…

A: Permanent accounts are company accounts whose balances are carried over from one accounting period…

Q: (See chart below for the account titles) Identify or classify the different account titles as to…

A: Current assets: It refers to the assets that are used for less than 1 year and can be easily…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

Q: The ___________ reports information about assets, liabilities and equity. Select one alternative:…

A: The financial statements of the business includes balance sheet and income statement.

Q: itle What particular item of financial or operating data appears on both the income statement and…

A: Income Statement: It is a part of the books of a company and is a most important element because it…

Q: Match each of the following accounts to its proper balance sheet classification. Accounts Balance…

A: Answer -   A classified balance sheet is a financial statement with classifications like current…

Q: I have questions about the Income Statement. Aside from the obvious what is recorded in the Income…

A: Step1:In the income statement, there are four types of accounts have recorded. These accounts are…

Q: Please tell me if the following are an asset, liability or equity account and if they are real or…

A: Following account are classifed as asset, liability , equity, Real and Nominal accounts are shown…

Q: Indicate the financial statement on which each of the following items appears. income…

A: Income statement, statement of owners' equity, and balance sheet are the financial statements.

Q: Where do accounts such as payables, cash, land, equipment, and retained earnings go on an income…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Make an 'Income Statement', information indicated in the photo

A: Income statement means the statement which show the cost of goods sold and selling price and give…

Q: How do i close  expense accounts while getting ready to prepare financial statements?

A: Closing entries: Closing entries are recorded in order to close the temporary accounts such as…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is