Identify each of the following accounts by their element and which financial statement they show up on. Elements are Assets (A), Liabilities (L), Stockholders’ Equity (SE), Revenues (R), and Expenses (E). Financial Statements are Income Statement (IS), Balance Sheet (BS), and Retained Earnings Statement (RE). Account Element Financial Statement Cash Asset Short-Term Investments Property, Plant, and Equipment Asset Operating Expenses Dividends Other Long-Term Assets Common Stock Income Tax Expense Rent Expense Revenue/Sales Inventory Asset Land Asset Long-term Note Payable Misc. Operating Expenses Misc. Payables Patent Asset Retained Earnings, Beginning Accounts Payable Liability Wages Expense Accounts Receivable Asset Prepaid Expenses Salaries Payable Liability Retained Earnings, Ending
Learning Case #1
Chapter 1
Identify each of the following accounts by their element and which financial statement they show up on. Elements are Assets (A), Liabilities (L),
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Account |
Element |
Financial Statement |
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Cash |
Asset |
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Short-Term Investments |
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Property, Plant, and Equipment |
Asset |
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Operating Expenses |
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Dividends |
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Other Long-Term Assets |
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Common Stock |
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Income Tax Expense |
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Rent Expense |
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Revenue/Sales |
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Inventory |
Asset |
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Land |
Asset |
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Long-term Note Payable |
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Misc. Operating Expenses |
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Misc. Payables |
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Patent |
Asset |
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Retained Earnings, Beginning |
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Accounts Payable |
Liability |
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Wages Expense |
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Accounts Receivable |
Asset |
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Prepaid Expenses |
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Salaries Payable |
Liability |
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Retained Earnings, Ending |
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