The balance of the owner's drawing account is reported: A. In the other expenses section of the income statement B. on the statement of owner's equity C. in the current assets section of the balance sheet D. in the operating expenses section of the income statement

State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing e. Revenue/Sales f. Expenses and  Briefly explaining how revenue/sales, expenses and drawings affect owner’s capital/equity.

Define, explain, and provide examples of current and noncurrent assets, current and noncurrent liabilities, equity, revenues, and expenses Prepare an income statement, statement of owner's equity, and balance sheet

(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________

On which financial statement(s) would R. Flores, Drawing appear? a. Income statement b. Balance sheet c. Statement of owners equity d. Income statement and statement of owners equity

Accounts Payable is an example of an asset account.

Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.

Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.

Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurance

Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B. assets, liabilities, and owners equity C. revenues, expenses, investments by owners, distributions to owners D. assets, liabilities, and dividends