Question : 56) Put an X in the appropriate box to indicate : 1253185

 

56) Put an X in the appropriate box to indicate the financial statement(s) where the following line items would appear. Some items may appear on more than one statement.

 

 

 

Income Statement

Statement of Changes in Shareholders’ Equity

Statement of Cash Flows

Balance Sheet

1.

Supplies

 

 

 

 

2.

Supplies expense

 

 

 

 

3.

Cash paid for supplies

 

 

 

 

4.

Cash paid for salaries

 

 

 

 

5.

Salaries payable

 

 

 

 

6.

Salaries expense

 

 

 

 

7.

Unearned service fees

 

 

 

 

8.

Cash collected from customers

 

 

 

 

9.

Service fees earned

 

 

 

 

10.

Accounts receivable

 

 

 

 

11.

Accumulated depreciation

 

 

 

 

12.

Depreciation expense

 

 

 

 

13.

Equipment (net)

 

 

 

 

14.

Prepaid advertising

 

 

 

 

15.

Advertising expense

 

 

 

 

16.

Cash paid for advertising

 

 

 

 

17.

Interest expense

 

 

 

 

18.

Cash paid for interest

 

 

 

 

19.

Interest payable

 

 

 

 

20.

General & administrative expenses

 

 

 

 

21.

Net earnings

 

 

 

 

22.

Retained earnings

 

 

 

 

23.

Income tax expense

 

 

 

 

24.

Income taxes payable

 

 

 

 

25.

Gross profit

 

 

 

 

 

 

 

57) Indicate which financial statement would report the following items of information. Some items may appear on more than one statement. You should include all of them.

 

Your choices are as follows:

IS = Income statement

OE = Statement of changes in shareholders’ equity

BS = Balance sheet

CF = Statement of cash flows

NONE = Item does not appear on any of the financial statements

 

Interest expense

 

Sales revenue

 

Unearned revenue

 

Office supplies

 

Equipment

 

Cash flow from operating activities

 

Net income

 

Salaries expense

 

Cash flow from financing activities

 

Accumulated depreciation

 

Interest receivable

 

Salaries payable

 

 

58) Indicate which financial statement would report the following items of information. Some items may appear on more than one statement. You should include all of them in your answer. If an item does not appear on any financial statement, write NONE.

 

Your choices are as follows:

IS = Income statement

OE = Statement of changes in shareholders’ equity

BS = Balance sheet

CF = Statement of cash flows

NONE = Item does not appear on any of the financial statements

 

Cash flow from operating activities

 

Unearned revenue

 

Interest payable

 

Profit margin on sales ratio

 

Depreciation expense

 

Cash flow from investing activities

 

Prepaid rent

 

Cash

 

Operating expenses

 

Accumulated depreciation

 

Interest receivable

 

Interest expense