Problem 1 4A Slipstream Ltd reports the following list of accounts, in alphabetical order Classify each account as an Asset, Liability, Share Capital, Revenue, or Expense item Classification Accounts payable ExpenseShare CapitalRevenueAssetLiability Accounts receivable Share CapitalAssetLiabilityRevenueExpense Bank indebtedness RevenueShare CapitalLiabilityExpenseAsset Bank loan payable ExpenseAssetShare CapitalLiabilityRevenue Cash Share CapitalRevenueExpenseAssetLiability Common shares LiabilityRevenueAssetShare CapitalExpense Equipment ExpenseLiabilityRevenueAssetShare Capital Goodwill RevenueExpenseShare CapitalLiabilityAsset Income tax expense LiabilityExpenseRevenueAssetShare Capital Income tax payable AssetRevenueExpenseShare CapitalLiability Interest expense Share CapitalLiabilityRevenueExpenseAsset Office expense RevenueExpenseAssetShare CapitalLiability Prepaid insurance ExpenseLiabilityAssetRevenueShare Capital Rent expense Share CapitalLiabilityRevenueExpenseAsset Repair and maintenance expense Share CapitalExpenseAssetLiabilityRevenue Salaries payable ExpenseShare CapitalRevenueAssetLiability Service revenue Share CapitalRevenueExpenseLiabilityAsset Supplies LiabilityAssetShare CapitalRevenueExpense Vehicles ExpenseAssetLiabilityRevenueShare Capital Identify on which financial statement(s)Income Statement, Statement of Changes in Equity, and or Statement of Financial Positioneach account would be reported Financial Statement Accounts payable Statement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome StatementStatement of Changes in Equity Accounts receivable Income StatementStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityStatement of Financial Position Bank indebtedness Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity Bank loan payable Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity Cash Statement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome StatementStatement of Changes in Equity Common shares Statement of Changes in EquityStatement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome Statement Equipment Income StatementStatement of Financial Position and Statement of Changes in EquityStatement of Financial PositionStatement of Changes in Equity Goodwill Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity Income tax expense Statement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityIncome Statement Income tax payable Statement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityIncome Statement Interest expense Statement of Changes in EquityStatement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome Statement Office expense Statement of Financial Position and Statement of Changes in EquityStatement of Financial PositionIncome StatementStatement of Changes in Equity Prepaid insurance Statement of Financial PositionIncome StatementStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity Rent expense Statement of Financial Position and Statement of Changes in EquityStatement of Financial PositionIncome StatementStatement of Changes in Equity Repair and maintenance expense Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity Salaries payable Statement of Financial Position and Statement of Changes in EquityStatement of Financial PositionIncome StatementStatement of Changes in Equity Service revenue Income StatementStatement of Financial Position and Statement of Changes in EquityStatement of Financial PositionStatement of Changes in Equity Supplies Statement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityIncome Statement Vehicles

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Posted on Aug 26, 2024

Problem 1-4A Slipstream Ltd. reports the following list of accounts, in alphabetical order: Classify each account as an Asset, Liability, Share Capital, Revenue, or Expense

Problem 1-4A

Slipstream Ltd. reports the following list of accounts, in alphabetical order:

Classify each account as an Asset, Liability, Share Capital, Revenue, or Expense item.

	Classification
Accounts payable		ExpenseShare CapitalRevenueAssetLiability
Accounts receivable		Share CapitalAssetLiabilityRevenueExpense
Bank indebtedness		RevenueShare CapitalLiabilityExpenseAsset
Bank loan payable		ExpenseAssetShare CapitalLiabilityRevenue
Cash		Share CapitalRevenueExpenseAssetLiability
Common shares		LiabilityRevenueAssetShare CapitalExpense
Equipment		ExpenseLiabilityRevenueAssetShare Capital
Goodwill		RevenueExpenseShare CapitalLiabilityAsset
Income tax expense		LiabilityExpenseRevenueAssetShare Capital
Income tax payable		AssetRevenueExpenseShare CapitalLiability
Interest expense		Share CapitalLiabilityRevenueExpenseAsset
Office expense		RevenueExpenseAssetShare CapitalLiability
Prepaid insurance		ExpenseLiabilityAssetRevenueShare Capital
Rent expense		Share CapitalLiabilityRevenueExpenseAsset
Repair and maintenance expense		Share CapitalExpenseAssetLiabilityRevenue
Salaries payable		ExpenseShare CapitalRevenueAssetLiability
Service revenue		Share CapitalRevenueExpenseLiabilityAsset
Supplies		LiabilityAssetShare CapitalRevenueExpense
Vehicles		ExpenseAssetLiabilityRevenueShare Capital

Identify on which financial statement(s)Income Statement, Statement of Changes in Equity, and/or Statement of Financial Positioneach account would be reported.

		Financial Statement
Accounts payable		Statement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome StatementStatement of Changes in Equity
Accounts receivable		Income StatementStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityStatement of Financial Position
Bank indebtedness		Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity
Bank loan payable		Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity
Cash		Statement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome StatementStatement of Changes in Equity
Common shares		Statement of Changes in EquityStatement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome Statement
Equipment		Income StatementStatement of Financial Position and Statement of Changes in EquityStatement of Financial PositionStatement of Changes in Equity
Goodwill		Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity
Income tax expense		Statement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityIncome Statement
Income tax payable		Statement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityIncome Statement
Interest expense		Statement of Changes in EquityStatement of Financial PositionStatement of Financial Position and Statement of Changes in EquityIncome Statement
Office expense		Statement of Financial Position and Statement of Changes in EquityStatement of Financial PositionIncome StatementStatement of Changes in Equity
Prepaid insurance		Statement of Financial PositionIncome StatementStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity
Rent expense		Statement of Financial Position and Statement of Changes in EquityStatement of Financial PositionIncome StatementStatement of Changes in Equity
Repair and maintenance expense		Income StatementStatement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in Equity
Salaries payable		Statement of Financial Position and Statement of Changes in EquityStatement of Financial PositionIncome StatementStatement of Changes in Equity
Service revenue		Income StatementStatement of Financial Position and Statement of Changes in EquityStatement of Financial PositionStatement of Changes in Equity
Supplies		Statement of Financial PositionStatement of Changes in EquityStatement of Financial Position and Statement of Changes in EquityIncome Statement
Vehicles