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Flow of accounts into financial statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of stockholders’ equity, or balance sheet. 1. Accumulated Depreciation—Building 2. Cash 3. Fees Earned 4. Insurance Expense 5. Prepaid Rent 6. Supplies 7. Dividends 8. Wages 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 4, Problem 1BE
Textbook Problem
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Flow of accounts into financial statements

The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of stockholders’ equity, or balance sheet.

  1. 1. Accumulated Depreciation—Building
  2. 2. Cash
  3. 3. Fees Earned
  4. 4. Insurance Expense
  5. 5. Prepaid Rent
  6. 6. Supplies
  7. 7. Dividends
  8. 8. Wages Expense

To determine

Identify whether each account would flow into the income statement, statement of owners’ equity or balance sheet.

Explanation of Solution

Financial Statement: It refers to the complete record of the financial transactions of the Company. It provides financial information to its users.

The four types of financial statements are as follows:

  1. 1. 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.
  2. 2. Retained Earnings Statement: It is one of the financial statement, which shows the amount of the net income retained by a company at a particular point of time for reinvestment and pay its debts and obligations. It shows the amount of retained earnings that is not paid as dividends to the shareholders.
  3. 3. Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets, which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.
  4. 4. Statement of cash flows: This statement reports all the cash transactions that are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period.
S. NoAccount nameIndicating  or effect of accounts
1.Accumulated depreciation – BuildingBalance sheet
2...

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Chapter 4 Solutions

Financial And Managerial Accounting
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