Identify items as assets, liabilities or owners’ equity State whether or not, and why, each of the following items is likely to be an asset, a liability or an owners’

equity account (perhaps both an asset and a liability in some cases):

Item 1 List of subscribers to a magazine company 2 Funds collected from employees, to be repaid to them after retirement as superannuation 3 Satisfied customers 4 Lawsuit against the company by a builder who alleges the company failed to pay for work done on the company’s premises 5 Land that the company has agreed to sell to a real estate developer once it has been surveyed 6 A newspaper’s skilled group of editors and reporters 7 Players under contract to an AFL team 8 Deposits received from customers of Harvey Norman for furniture not yet delivered to them 9 Profits earned by the company but not yet paid out to the owners as dividends 10 The parking lot surrounding Roselands Shopping Mall, Sydney 11 A guarantee a company has made on a bank loan owed by an associated company