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1. (2.5pts; 0.25pts each part) Wherever It Takes Us, Corp. listed the items below on their 2021 financial statements. For each item, indicate whether
1. (2.5pts; 0.25pts each part) Wherever It Takes Us, Corp. listed the items below on their 2021 financial statements. For each item, indicate whether Wherever It Take Us would report the related account in the Balance Sheet, Income Statement, and/or Statement of Stockholders Equity. For items on the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders' equity. For items on the income statement, indicate whether it would be classified as a revenue or an expense. I have done the first one as an example for you. a. Retained Earnings (RE appears both on the Balance Sheet and on the Statement of Stockholder's Equity. On the Balance Sheet, RE would be classified as Stockholders' Equity). b. Accounts Receivable (Accounts Receivable appears on Balance Sheet. On the Balance Sheet, Accounts Receivable would be classified as Liability) Common Stock C. Service Revenue d. e. f. Notes Payable Cash (Cash appears on Balance Sheet. On the Balance Sheet, Cash would be classified as Asset) g. Wages Expense h. Rent Expense i. j. Accounts Payable Equipment (Equipment appears on Balance Sheet. On the Balance Sheet, Equipment would be classified as Asset) k. Dividends (Dividends appears on Statement of Stockholder's Equity. On the Statement of Stockholder's Equity, Dividends would be classified as Deduction from Retained earnings)
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