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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. accounts receivable c. fees earned d. supplies e. supplies expense f. utilities expense
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
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. accounts receivable
c. fees earned
d. supplies
e. supplies expense
f. utilities expense
Identify the given items as a component of an asset, a liability or a stockholder's equity.
Explanation of Solution
1. Assets: These are the resources owned and controlled by business and used to produce benefits for the company. Assets are classified on the balance sheet as current assets, non-current assets, property, plant, and equipment, and intangible assets. The following belong to the assets:
- b. accounts receivable
- d. supplies
2. Liabilities: The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities...
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