Indicate whether each of the following would be reported on the balance sheet (B/S), income statement (I/S),
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1. Insurance costs paid this year, to expire next year.
2. Insurance costs expired this year.
3. Insurance costs still owed.
4. Cost of equipment used up this accounting year.
5. Equipment book value (carrying value).
6. Amounts contributed by stockholders during the year.
7. Cost of supplies unused at the end of the year.
8. Cost of supplies used during the accounting year.
9. Amount of unpaid loans at end of year.
10. Dividends declared and paid during this year.
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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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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