Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

dentify each of the following items as assets, liabilities, or equity from the drop down provided. 1 Accounts receivable 2 Wages payable 3. Supplies 4

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
dentify each of the following items as assets, liabilities, or equity from the drop down provided. 1 Accounts receivable 2 Wages payable 3. Supplies 4 Equipment 5 Note payable 6 Furniture Identify each of the following items as revenues, expenses, or dividends from the drop down provided, 1 Sales revenue 2 Conveyane 3. Fees earned 4. Postage 5. Advertisement 6 Salanes 7 Interest paid 8 Cash dividends Check my w Indicate in which financial statement each item would most likely appear, by selecting income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. a. Rent payable b Cash from operating activities Salaries payable d Taxes expense e Taxes payable | Legal expense 9. Note payable hormon stock Check my 2. Use the expanded accounting equation to compute the missing financial statement amounts. Company 1 Ansots $ 52.000 $ 91,400 Revenues Liabilities S 19,000 $ 35,000 Common Stock s 26,000 S 50,000 Dividends $ 0 + Expenses 5 11,000 S 21,000 2 + + $ 30,000 Check my work ch each of the descriptions with the term or phrase it best reflects. Description Procedures set up to protect company property and equipment, ensuto rolable accounting, promote efficiency, and encourage adherence to policies Exerrines whether financial statements are prepared using GAAP it does not ensuite atosolute accuracy of the statemonts. Three factors push a person to commit fraud opportunity pressure, and rationalization Roques documentation and verification of internal controls and increases emphasis on internal control effectiveness Requires the SEC to pay whistleblowers Separates good and bad behavior A more effective way to stop fraud than detection

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

1.Which are projected Teaching aids in advance learning system?

Answered: 1 week ago

Question

What are the classifications of Bank?

Answered: 1 week ago