Please Answer will rate Exercise 1 Classifying financial st

Please Answer, will rate!

Exercise 1 - Classifying financial statement items: Below is a list of financial statement items. For each item, mark whether is part of assets (A), liabilities (L), shareholders’ cquity (SE), Revenue (R), or expense (E). (A) / (L)/ (SE) / (R)/ (E) Item: (1) Accounts payable (2) Accounts receivable (3) Cash and cash equivalents (4) Common Stock (5) Cost of goods sold (6) Dividends Payable (7) Income taxes (8) Interest expense (9) Inventories (10) Land (11) Net sales (12) Notes payable (13) Notes receivable (14) Property, plant, and equipment (15) Research and development expense (16) Retained earnings (17) Taxes Payable

Solution

Answer:

1

Accounts Payable

(L)Liability

2

Accounts receivable

(A) Assets

3

Cash and cash equivalents

(A) Assets

4

Common stock

(SE) Stock Holder\'s Equity

5

Cost of Goods sold

(E)Expanses

6

Dividend payable

(L)Liability

7

Income tax

(E)Expanses

8

Interest Expanses

(E)Expanses

9

Inventories

(A) Assets

10

Land

(A) Assets

11

Net sales

(,R)revenue

12

Notes payable

(L)Liability

13

Notes Receivable

(A) Assets

14

Property Plant equipment

(A) Assets

15

Research and development Expanses

(E)Expanses

16

Retained earning

(SE) Stock Holder\'s Equity

17

Taxes payable

(L)Liability

1	Accounts Payable	(L)Liability
2	Accounts receivable	(A) Assets
3	Cash and cash equivalents	(A) Assets
4	Common stock	(SE) Stock Holder\'s Equity
5	Cost of Goods sold	(E)Expanses
6	Dividend payable	(L)Liability
7	Income tax	(E)Expanses
8	Interest Expanses	(E)Expanses
9	Inventories	(A) Assets
10	Land	(A) Assets
11	Net sales	(,R)revenue
12	Notes payable	(L)Liability
13	Notes Receivable	(A) Assets
14	Property Plant equipment	(A) Assets
15	Research and development Expanses	(E)Expanses
16	Retained earning	(SE) Stock Holder\'s Equity
17	Taxes payable	(L)Liability