1) Match the characteristics below with Sole Proprietor, Partnership or Corporation: a. More owner control b. Tax advantages (2 correct answers) c. No personal legal liability d. Easier to transfer ownership e. Easier to raise funds 2) Identify whether each item would appear on the balance sheet (BS) or t income statement (IS) a. Unearned Revenue f. Supplies Expense b. Sales Revenue g. Wages Payable c. Cash h. Cost of Goods Sold d. Accounts Payable i. Retained Earnings e. Equipment j. Supplies 3) Identify each item as an "Asset", "Liability" or "Equity" Account a. Bonds Payable f. Accounts Payable b. Inventory g. Prepaid Insurance c. Land h. Accounts Receivable d. Common Stock i. Prepaid Rent e. Unearned Revenue j. Retained Earnings 4) a. Glacier Company: Assets: 375,000 Liabilities: 150,000 Stockholders' Equity: b. Iceberg Company: Assets: ? Liabilities: 250,000 Beg RE: 80,000, NI: 35,000, DIV: 25,000, CS: 25,000