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Chart of accounts The following accounts appeared in recent financial statements of Delta Air Lines (DAL): Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders’ equity. For each income statement account, identify it as a revenue or an expense.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 2, Problem 1E
Textbook Problem
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Chart of accounts

The following accounts appeared in recent financial statements of Delta Air Lines (DAL):

Chapter 2, Problem 1E, Chart of accounts The following accounts appeared in recent financial statements of Delta Air Lines

Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders’ equity. For each income statement account, identify it as a revenue or an expense.

To determine

Identify whether each of the following account is either a balance sheet or an income statement, and to identify for each balance sheet account, whether it is an asset, a liability, owner’s equity, and for each income statement account, whether it is revenue or an expense.

Explanation of Solution

Balance sheet:

Balance sheet is a financial statement that shows the available assets (owner’s equity and outsider’s equity) and owed liabilities from investing and financial activities of a company. This statement reveals the financial health of company. So, this statement is also called as Statement of Financial Position. It helps the users to know the creditworthiness of a company as to whether the company has enough assets to pay off its liabilities. The main components of balance sheet are assets, liabilities, and stockholders’ equity.

Income statement:

Income statement is a 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...

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Chapter 2 Solutions

Financial And Managerial Accounting
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