FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner's equity:
| a. |
|
| b. Accounts payable | |
| c. Cash | |
| d. Fees earned | |
| e. Land | |
| f. Rent expense | |
| g. Supplies |
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- The monetary value of the net assets is reported at its historical cost on the balance sheet? a. physical capital b. excess capital c. net capital d. financial capitalarrow_forwardIDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Collection of interest income Exchange of land asset for a machinery asset. Newly born animal offspring Accrued and unpaid interest on borrowing of clients.arrow_forwardTotal assets are included in the statement of owner's equity O True O False gloarrow_forward
- Identify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements. Current Assets: _________ Noncurrent Assets: __________ Current Liabilities: _________ Noncurrent Liabilities: __________ Sales: __________ Expenses: ___________ Net Income (Loss): __________arrow_forwardFor each of the following assets or liabilities, state whether it is current or non-current: Accounts Payable Cash Property, Plant, and Equipment Note Payable Inventoryarrow_forwardIDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Receipt of cash for services rendered to clients. Collection of rentals from lessees. Purchase of supplies on credit.arrow_forward
- Residual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assetsarrow_forwardHow is the account Land classified and what kind of balance should it have? Group of answer choices fixed, credit current asset, debit fixed, debit current asset, creditarrow_forwardWhich of the following is considered an asset? A. Accounts Payable B. Accounts Receivable C. Sales Revenue D.Owner's Equityarrow_forward
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