Classify each of the following items according to (1) whether it belongs on the income statement (IS)
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Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Item Appears on the Classified as BS Example: Cash 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Building:s 8. Advertising expense 9. Retained earnings
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Related Book For
Financial Accounting The Impact On Decision Makers
ISBN: 9781305793194
10th Edition
Authors: Gary A. Porter, Curtis L. Norton
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