In: Accounting
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. |
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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 | |||