Chapter 15.I, Problem 15RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

For the following balance sheet items, check the appropriate category.

Current |
Fixed |
Current |
Long-Term |
Owner’s |
||||||

Asset |
Asset |
Liability |
Liability |
Equity |
||||||

Retained earnings | __________ | __________ | __________ | __________ | — |

To determine

The category of a balance sheet item “retained earnings” from the following categories:

Current asset | Fixed asset | Current liability | Long-term liability | Owner’s equity |

Explanation

**Given Information:**

The categories of a balance sheet item are as follows:

Current asset | Fixed asset | Current liability | Long-term liability | Ownerâ€™s equity |

Ownerâ€™s equity refers to the amount financed in the firm by the owner removing the withdrawals. It includes the net income earned or excludes the net loss from the day the business came into existence. It is called ownerâ€™s equity since it is held by the owner and not by the shareholders. It can be computed by removing all the liabilities from all the assets of the firm...

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