Financial Accounting
Solutions
Financial Accounting
From the following list of selected items taken from the records of Rosewood Appliance Service as of a specific date, identify those that would appear on the balance sheet:
- 1. Accounts Payable
- 2. Accounts Receivable
- 3. Andrew King, Capital
- 4. Cash
- 5. Fees Earned
- 6. Land
- 7. Rent Expense
- 8. Supplies
- 9. Wages Expense
- 10. Wages Payable
Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.
Identify the list of items that will appear in the income statement.
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.
The income statement of RA Services will show the following items:
- Fees earned
- Rent expenses
- Wages expenses
The income statement of a company records the revenue earned and expenses made by the company over a given period of time; hence according to this the items are mentioned in the income statement.
- Accounts payable: Accounts payable is a liability of the firm, which refers to the accounts which the company owes for purchase of certain goods or services in the past; hence it is shown 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...
Chapter 1 Solutions
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