Question

In: Accounting

Arrange the following items in the appropriate income statement and balance sheet formats. Determine in which...

Arrange the following items in the appropriate income statement and balance sheet formats. Determine in which of these two documents each of these items belongs, then include all appropriate items in outlines of an income statement and balance sheet. Prepare your response as a Word document.

  • Sales
  • Cash
  • Depreciation expense
  • Inventory
  • Accounts payable
  • Cost of goods sold
  • Long-term debt
  • Accrued expenses
  • Accounts receivable
  • Income tax payable
  • Income tax expense
  • Retained earnings
  • Accumulated depreciation
  • Prepaid expenses
  • Interest expense
  • Sales tax payable
  • Operating expenses
  • Gross profit
  • Contributed capital

Solutions

Expert Solution

The following items belongs to income statement.

Particulars Amount Particulars Amount
Cost of goods sold Sales
Depreciation expense
Income tax expense
Interest expense
Operating expenses
Gross profit

Balance Sheet items

Liabilities and Capital amount Assets Amount
Contributed Capital
Retained earnings Accounts receivable
Inventory

Long term debt

Cash
Accounts payables Prepaid expenses
Income tax payable
Accrued expenses
Accumulated depreciation
Sales tax payable

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