Question

In: Accounting

Match the account name with the correct financial statement and section that the account name can...

Match the account name with the correct financial statement and section that the account name can be found on (apologize for format congruence)  

Advertising Expense

Revenues
Sales Allowances

Cost of Goods Sold

Meals expense

Interest income

Travel Expenses

Entertainment expenses

Unrealized Gain on Sale

Fees Earned

Insurance Expense

Service Revenues
Interest Expense
Legal Expenses

Options to choose from:

Balance Sheet - Current Asset

Balance Sheet - Non Current Asset

Balance Sheet - Current Liability

Balance Sheet - Non Current Liability

Balance Sheet - Equity

Income Statement - Revenue (part of the Gross Profit calculation)

Income Statement - Operating expenses

Income Statement - Other

Thanks

Solutions

Expert Solution

Answer:

Advertising Expense Income Statement - Operating expenses
Revenues Income Statement - Revenue
Sales Allowances Income Statement - Revenue
Cost of Goods Sold Income Statement - Operating expenses
Meals expense Income Statement - Operating expenses
Interest income Income Statement - Other
Travel Expenses Income Statement - Operating expenses
Entertainment expenses Income Statement - Operating expenses
Unrealized Gain on Sale Income Statement - Other
Fees Earned Income Statement - Revenue
Insurance Expense Income Statement - Operating expenses
Service Revenues Income Statement - Revenue
Interest Expense Income Statement - Other
Legal Expenses Income Statement - Operating expenses

Additional points 1:

Furniture and Fixtures Balance Sheet - Non Current Asset
Payroll tax expense Income Statement - Operating expenses
Computers Balance Sheet - Non Current Asset
Common Stock Balance Sheet - Equity
Vehicles Balance Sheet - Non Current Asset
Capital Balance Sheet - Equity
Stock Supplies Balance Sheet - Current Asset
Accrued Liabilities - short term Balance Sheet - Current Liability
Long term investments Balance Sheet - Non Current Asset
Leasehold Improvements Balance Sheet - Non Current Asset
Retained Earnings Balance Sheet - Equity
Buildings Balance Sheet - Non Current Asset
Sales taxes payable Balance Sheet - Current Liability
Sales Discounts Income Statement - Revenue
Accounts Receivable Balance Sheet - Current Asset
Premium on Bonds - long term Balance Sheet - Non Current Liability
Contributed Capital Balance Sheet - Equity
Land Balance Sheet - Non Current Asset
Accounts Payable Balance Sheet - Current Liability
Additional Paid In capital - treasury stock Balance Sheet - Equity
Interest Expense Income Statement - Operating expenses
Sales Income Statement - Revenue

Additional points 2:

Supplies Balance Sheet - Current Asset
Loss on Sale Income Statement - Operating expenses
Bonds Payable - long term portion Balance Sheet - Non Current Liability
Allowance for doubtful accounts Balance Sheet - Current Asset
Marketable Securities Balance Sheet - Current Asset
Short term investments Balance Sheet - Current Asset
Salaries Payable Balance Sheet - Current Liability
Warranties Payable - short term portion Balance Sheet - Current Liability
Property Taxes Expense Income Statement - Operating expenses
Wage Expense Income Statement - Operating expenses
Preferred Stock Balance Sheet - Equity
Cash Balance Sheet - Current Asset
Goodwill Balance Sheet - Non Current Asset
Intellectual Property Balance Sheet - Non Current Asset
Inventories Balance Sheet - Current Asset
Utilities Expense Income Statement - Operating expenses
Unearned Revenue - long term portion Balance Sheet - Non Current Liability

In case of any doubt, please feel free to comment.


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