Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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- Explain how the following items affect equity: revenue, expenses, investments by owners, and distributions to owners.arrow_forwardComprehensive income: includes transactions that affect stockholders equity with the exception of those transactions that involve owners. is considered an appropriation of retained earnings. includes all transactions that are under managements control. is the result of all events and transactions reported on the income statement.arrow_forwardClassification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.arrow_forward
- Under IFRS, liabilities and shareholders' equity on the balance sheet usually appear in which order? Equity, noncurrent liabilities, and current liabilities O Equity, current liabilities, and noncurrent liabilities Current liabilities, noncurrent liabilities, and equity Noncurrent liabilities, current abilities, and equityarrow_forwardAssets, liabilities, and stockholders' equity are all found within which of the following financial statements? Select one: a. Income Statement. b. Balance Sheet / Statement of Financial Position. c. Statement of Shareholders' equity. d. Retained earnings statement.arrow_forwardDefine each of the following terms:b. Common stockholders’ equity, or net worth; retained earningsarrow_forward
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- are items owed to a creditor. company. resources. are items owned by a represents owners' claims to company a. Expenses; Revenues; Net income b. Expenses; Revenues; Stockholders' equity c. Liabilities; Assets; Stockholders' equity d. Liabilities; Assets; Net incomearrow_forwardOrganize the following under Income Statement, Share Holder's Equity, and Balance Sheet. a. Interest Receivable b. Interest Revenue c. Accounts Payable d. Accumulated Depreciation e. Wage Payablearrow_forwardFor each item below, indicate to which category of elements of financial statements it belongs. a. Retained earnings. b. Sales. c. Additional paid-in capital. d. Inventory. e. Depreciation. f. Loss on sale of equipment. g. Interest payable. h. Dividends. i. Gain on sale of investment. j. Issuance of common stock.arrow_forward
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