Financial statement elements
• LO1–7
For each of the items listed below, identify the appropriate financial statement element or elements.
1. Obligation to transfer cash or other resources as a result of a past transaction
2. Dividends paid by a corporation to its shareholders
3. Inflow of an asset from providing a good or service
4. The financial position of a company
5. Increase in equity during a period from nonowner transactions
6. Increase in equity from peripheral or incidental transaction
7. Sale of an asset used in the operations of a business for less than the asset’s book value
8. The owners’ residual interest in the assets of a company
9. An item owned by the company representing probable future benefits
10. Revenues plus gains less expenses and losses
11. An owner’s contribution of cash to a corporation in exchange for ownership shares of stock
12. Outflow of an asset related to the production of revenue
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