Chapter 1, Problem 1.10E

ndicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement. a. Service Revenue   select a financial statement                                                              b. Utilities Expense   select a financial statement                                                              c. Cash   select a financial statement                                                              d. Accounts Payable   select a financial statement                                                              e. Supplies   select a financial statement                                                              f. Salaries Expense   select a financial statement                                                              g. Accounts Receivable   select a financial statement                                                              h. Retained Earnings (ending)   select a financial statement…

According to generally accepted accounting principles, whatis the balance sheet valuation of each of the following assets?(a) Trade accounts receivable.(b) Land.(c) Inventories.(d) Trading securities (common stock of other companies).(e) Prepaid expenses.

Required a) Prepare an income statement for the year ended 31st December 2022 for Wales plc and a statement of financialposition as at that date. b) Why does the statement of financial position balance?

Which one of the following comprises a full set of financial statement:A. Statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows,and notes to the financial statements. B. Statement of financial position, statement of profit or loss and other comprehensive income, and a statement of changes in equity.C. Statement of comprehensive income and statement of financial position.D. Statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity and statement of cash flows.

The following financial statement information is from five separate companies.Answer the following questions about Company A. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is the amount of liabilities on December 31, 2019? Answer the following questions about Company B. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is net income for year 2019?

1.Examples may include salaries, utilities, rent, insurance, and office supplies? A.Revenue B.Expense C.Net Income D.Net Loss 2.This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners o the company are entitled to. A.Income Statement B. Balance Sheet

E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company’s balancesheet.(a) Current assets.(b) Investments.(c) Property, plant, and equipment.(d) Intangible assets.(e) Other assets.Instructions(f) Current liabilities.(g) Noncurrent liabilities.(h) Capital stock.(i) Additional paid-in capital.(j) Retained earnings.Indicate by letter where each of the following items would be classified.1. Preferred stock.2. Goodwill.3. Salaries and wages payable.4. Accounts payable.5. Buildings.6. Equity investments (trading).7. Current maturity of long-term debt.8. Premium on bonds payable.9. Allowance for doubtful accounts.10. Accounts receivable.11. Cash surrender value of life insurance.12. Notes payable (due next year).13. Supplies.14. Common stock.15. Land.16. Bond sinking fund.17. Inventory.18. Prepaid insurance.19. Bonds payable.20. Income taxes payable.

Which of the following statements regarding the income statement are true? Group of answer choices A. The net income from the income statement is included on the asset section of the balance sheet. B. The income statement shows the cash flows from operations during a period of time. C. Net income or loss from the income statement is included in the calculation of ending retained earnings on the Statement of Retained Earnings. D. The income statement shows how much the company owes.

. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) Provisions