Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Step 1, assign the accounts to one of the three financial statements and classify which part of the financial statement it belongs Step 1: Using
Step 1, assign the accounts to one of the three financial statements and classify which part of the financial statement it belongs
Step 1: Using examples from your course packet or the text, first assign each of these accounts to one of the three financial statements AND remember to "classify" so that you know in which part of the financial statement it belongs (current or noncurrent, for example) Step 2: After determining on which financial statement the accounts belong (THE FIRST ONE IS DONE FOR YOU AS AN EXAMPLE), complete the (1) income statement, (2) balance sheet, and (3) a statement of cash flow from the following accounts. Check figures are provided for each financial statement to make sure you get it correct. ACCOUNT Accounts payable Accrued and other current liabilities Accumulated depreciation Accumulated other comprehensive loss Additional paid-in capital Buildings and improvements Cash and cash equivalents Common stock Computer hardware and software Construction-in-progress Cost of goods sold Current portion of L-T debt Deferred income taxes Depreciation expense Expense (gain) for discontinued operations Fixtures and equipment Interest expense (net) Inventory Land Long-term debt and other borrowings Noncurrent operating lease liabilities Operating lease assets Other (income) / expense Other current assets Other noncurrent assets Other noncurrent liabilities Other revenue Provision for income taxes (aka, tax expense) Retained earnings Sales Selling, general and administrative expenses Cash from operations Cash from investing Cash from financing $ AMOUNT REV? EXP? ASSET? LIAB? EQUITY? SCF? 9,761 LIABILITY (CURRENT) 4,201 (18,687) (805) 6,042 29,240 1,556 43 2,544 460 53,299 1,052 972 2,224 (7) 5,912 461 9,497 6,064 10,223 2,004 1,965 (27) 1,466 1,273 1,780 923 746 6,017 74,433 15,723 5,973 (3,416) (3,644)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started