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Balance sheet items From the following list of selected items taken from the records of Bobcat Appliance Service as of a specific date, identify those that would appear on the balance sheet: 1. Accounts Receivable 2. Cash 3. Common Stock 4. Fees Earned 5. Land 6. Supplies 7. Supplies Expense 8. Utilities Expense 9. Wages Expense 10. Wages Payable

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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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Section
BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 1, Problem 1.16EX
Textbook Problem
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Balance sheet items

From the following list of selected items taken from the records of Bobcat Appliance Service as of a specific date, identify those that would appear on the balance sheet:

  1. 1. Accounts Receivable
  2. 2. Cash
  3. 3. Common Stock
  4. 4. Fees Earned
  5. 5. Land
  6. 6. Supplies
  7. 7. Supplies Expense
  8. 8. Utilities Expense
  9. 9. Wages Expense
  10. 10. Wages Payable

To determine

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity), over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

To Identify: the list of items that will appear in the balance sheet.

Explanation of Solution

The balance sheet of a company shows the assets, the liabilities, and the Shareholder’s equity of a company. All the items which appear on the balance sheet represent the resources owned and owed by the company; hence according to this the items are mentioned in the balance sheet.

  • Accounts receivable: Accounts receivable is an asset of the firm, which refers to the amount which the company would receive in near future for the goods or services provided; hence it is shown in the balance sheet.
  • Cash: Cash is an asset; hence it is shown in the balance sheet.
  • Common stock: Common stock is the owner's equity introduced in the business; hence it is shown in the balance sheet...

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Financial & Managerial Accounting
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