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
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