For each of the following, indicate whether the item would be reported on the balance sheet (B S), reported on the income statement (I S), or not shown in the financial statements (Not) and whether it relates to a service company (SC) or merchandising company (MC) Financial Statement Type Inventory...

For each of the following, indicate whether the item would be reported on the balance sheet (B/S),

Question:

For each of the following, indicate whether the item would be reported on the (B/S), reported on the income statement (I/S), or not shown in the (Not) and whether it relates to a service company (SC) or merchandising company (MC).

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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...