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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 Payable 2. Cash 3. Common Stock 4. Fees Earned 5. Land 6. Rent Expense 7. Retained Earnings 8. Supplies 9. Supplies Expense 10. Wages Payable

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 16E
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. Accounts Payable

2. Cash

3. Common Stock

4. Fees Earned

5. Land

6. Rent Expense

7. Retained Earnings

8. Supplies

9. Supplies Expense

10. Wages Payable

To determine

Identify the items that would appear on the balance sheet of Company BA.

Explanation of Solution

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.

S. No.TransactionAppears in the Balance sheetJustification
1Accounts payableYesIt is a liability; hence it appears in the balance sheet.
2CashYesIt is an asset; hence it appears in the balance sheet.
3Common StockYesIt the component of the stockholder's equity in the balance sheet...

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Financial And Managerial Accounting
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