Module 1 Optional practice exercises.docx - Optional...

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Optional practice exercisesModule 1Ex. 1Indicate in the space provided by each item whether it would appear on the income statement (IS), balancesheet (BS), or retained earnings statement (RE):a.IS____Service Revenueg. BS_Accounts Receivableb.IS____Utilities Expenseh.BS_Common Stockc.BS___Cashi.BS__Equipmentd.BS___Accounts Payablej.ISAdvertising Expensee.BS___Suppliesk.RE_Dividendsf.IS____Salaries and Wages Expensel.BS__Notes PayableEx. 2Classify each of these items as an asset (A), liability (L), or stockholders’ equity (SE)._A_1.Accounts receivable_L___2.Accounts payable__SE_ 3.Common stock__A__ 4.Supplies__SE_ 5.Retained earnings__A__ 6.Cash__L__7.Notes payable__A__ 8.EquipmentEx. 3MATCHING210.Match the items below by entering the appropriate code letter in the space provided.A.Internal usersF.CorporationB.Management discussion and analysisG.AssetsC.Annual reportH.LiabilitiesD.Sole proprietorshipI.ExpensesE.DividendsJ.Investing activitiesE____1.Distributions of cash from a corporation to its stock holders.I____2.Consumed assets or services.D____3.Ownership is limited to one person.A____4.Officers and others who manage the business.H____5.Creditor claims against the assets of the business.

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Term
Summer
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles

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