___C___Analyzing and interpreting information.___I___Classifying economic events.___C___Explaining uses, meaning, and limitations of data.___R___Keeping a systematic chronological diary of events.___C___Measuring events in dollars and cents.___C___Preparing accounting reports.___R___Reporting information in a standard format.___I___Selecting economic activities relevant to the company.___C___Summarizing economic events.Accounting is “an information system that identifies, records, and communicates the economicevents of an organization to interested users.”InstructionsCategorize the accounting tasks performed by Urlacher as relating to either theidentification(I), recording (R), or communication (C) aspects of accounting.Instructions: Classify each item as an asset, liability, or stockholders' equity.Accounts Payable(Liabilities)Cash(Asset)Cleaning equipment(Asset)Cleaning Supplies(Asset)Accounts receivable(Stockholders Equity)Notes payable(Liabilities)Saleries payable(Liabilities)Common Stock(Stockholders Equity)Retained earnings, January 1, 2008 $ 48,000Dividends during 2008 $6000Service revenue 62,500 Salaries expense 30,000Advertising expense $ 1,800Rent expense 10,400Utilities expense 3,100InstructionsAfter analyzing the data, prepare an income statement and a retained earnings statement for theyear ending December 31, 2008Linda Stanley Co.Income StatementFor the Year Ending December 31, 2008RevenuesService Revenue$62,500 ExpensesSalaries expense$30,000 Advertising expense1,800 Rent expense10,400 Utilities expense3,100 Total Expenses45,300 Net Income$17,200 Linda Stanley Co.
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