Classification of Financial Statement Items Classify each of the following items according to (1) Whether it belongs on the income statement (IS) or balance sheet (BS) and (2) Whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item Item Appears on the Cl...

Classification of Financial Statement Items Classify each of the following items according to (1) Whether it belongs

Question:

Classification of Financial Statement Items Classify each of the following items according to (1) Whether it belongs on the income statement (IS) or (BS) and (2) Whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders€™ equity (SE) item.

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...