A list of financial statement items follows. Utilities expense Building Owners capital Net income Land Equipment Revenues
Question:
Utilities expense
Building
Owner’s capital
Net income
Land
Equipment
Revenues
Accounts receivable
Accounts payable
Rent expense
Withdrawals
Fees earned
Cash
Supplies
Wages expense
REQUIRED
1. Indicate whether each item is found on the income statement (IS), statement of owner's equity (OE), and/or balance sheet (BS).
2. Business Application? Which statement is most closely associated with the goal of profitability?
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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Step by Step Answer:
1 IS Utilities expense BS Accounts payable BS Building IS Rent expense BSOE Ow...View the full answer
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Related Book For 
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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