For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (1). (a) Machinery (b) Supplies expense (c) Inventories (d) Sales (e) Common stock (f) Factory buildings (g) Receivables (h) Taxes payable (i) Taxes expense (1) Cost of goods sold (k) Long-term debt (1) Treasury stock ◆ + 4 ⇓⇓⇓ O
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- How to find Total Debt to Total Assets ration using an income statement, balance sheet or cash flow.The following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in useThe following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1. …. .…….Prepaid insurance 2. ……….. Note payable due in three months 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in use
- The following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1. …. .…….Prepaid insurance 2. ……….. Note payable due in three monthsfor each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful livesThe income statement is drawn up from the figures in the _________________ Select one: a. Accounts Receivable ledger b. Accounts payable ledger c. Trial Balance d. Cash Flow Statement
- How to calcuate the taxes on the income statement under operating expense. Please provide an example. Using numbers from an income statement.Balance Sheet ClassificationA balance sheet contains the following classifications:(a) Current assets (g) Long-term debt(b) Investments (h) Other noncurrent liabilities(c) Property, plant, and equipment (i) Capital stock(d) Intangible assets (j) Additional paid-in capital(e) Other noncurrent assets (k) Retained earnings(f) Current liabilitiesIndicate by letter how each of the following accounts would be classified. Place a minus sign (–) for all accounts representing offset or contra balances. 1. Discount on Bonds Payable 2. Stock of Subsidiary Corporation 3. 12% Bonds Payable (due in 6 months)What is total assets on this company's balance sheet? What is total current liabilities on this company's balance sheet? What is the correct order for the current liabilities section of the balance sheet? a. Accounts payable, payments to suppliers, deferred revenue, income tax payable b. Bank loan payable, Income tax payable, Accounts payable, Deferred revenue c. Accounts payable, Income tax payable, Payments to suppliers d. Accounts payable, Deferred revenue, Income tax payable e. Accounts payable, Income tax payable Enter the letter that corresponds to your choice. (A B C D E) What is total liabilities on this company's balance sheet? What is total equity on this company's balance sheet? What is the correct order for the equity section of the balance sheet? a. Owners' Capital, Retained earnings b. Retained earnings, Owners' capital c. Retained earnings, Owners' capital, Profit d. Retained earnings, Profit, Owners' capital e.…
- How to calculate the account receivable turnover ratio in a balance Sheet and income statement (explain it with the items on the income statement and balance Sheet eg.inventory, current receivable, current liability..and so on.Based on the balance sheet and income statement ATTACHED; 1. what is the net profit margin 2. what is the Debt/Equity Ratio 3. Debtor DaysIndicate how the accounts normally should be categorized on a classified balance sheet. Also indicate whether the account normally has a debit or credit balance. (1) Notes and Loans Payable (short-term) (2) Intangible Assets (3) Long-Term Debt (4) Property, Plant, and Equipment (5) Retained Earnings (6) Investments (long-term) (7) Additional Paid-in Capital Balance Sheet Classification Debit or Credit Balance