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Financial & Managerial Accounting

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

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BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 1, Problem 1.8EX
Textbook Problem
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Asset, liability, and stockholders’ equity items

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3)

stockholders’ equity:

  • A. accounts payable
  • B. cash
  • C. fees earned
  • D. land
  • E. supplies
  • F. wages expense

To determine

Basic Elements of the business: The assets, liabilities and shareholder’s equities are the basic components of the business. The shareholder’s equities are invested in a business to procure the assets which leads to the generation of the revenue for the business.

To identify: Each of the given elements with asset, liability or owner’s equity.

Explanation of Solution

  • Accounts Receivable: Accounts receivable is an income generated but not yet earned; hence it is an asset.
  • Cash: Cash is the amount of cash kept with the company; hence it is an asset.
  • Fees Earned: Fees earned is revenue; hence it is owner’s equity...

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Chapter 1 Solutions

Financial & Managerial Accounting
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