Activity #4 Financial Statement Classification Instructions: Classify each of the following account titles according to: (1) whether it belongs on the Statement of Comprehensive Income (SCI), Statement of Owner's Equity (SCE), or Statement of Financial Position (SFP) and; (2) whether it is a Revenue (R), Expenses (E), Assets (A), Liability (L) or Owner's Equity (OE) item.
Activity #4 Financial Statement Classification Instructions: Classify each of the following account titles according to: (1) whether it belongs on the Statement of Comprehensive Income (SCI), Statement of Owner's Equity (SCE), or Statement of Financial Position (SFP) and; (2) whether it is a Revenue (R), Expenses (E), Assets (A), Liability (L) or Owner's Equity (OE) item.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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Transcribed Image Text:Activity #4 Financial Statement Classification
Instructions: Classify each of the following account titles according to:
(1) whether it belongs on the Statement of Comprehensive
Income (SCI), Statement of Owner's Equity (SCE), or Statement of
Financial Position (SFP) and;
(2) whether it is a Revenue (R), Expenses (E), Assets (A), Liability
(L) or Owner's Equity (OE) item.
Item
Appears on the
Classified as
Example: Accounts Receivable
1. Accounts Payable
2. Accumulated Depreciation - Building
3. Accrued Rent Expense
4. Advances to Employees
SFP
A
5. Building
6. Dividend Income
7. Freight In
8. Doubtful Accounts Expense
9. Investments in Trading Securities
10. Prepaid Insurance
11. Sewing Supplies
12. Purchase Discount
13. Mortgage Payable
14. Interest Expense
15. Unearned Services Income
16. Taxes and Licenses Expense
17. Merchandise Inventory
18. Light, Power and Water Expense
19. Store Supplies
20. Jam, Drawings
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