In: Finance
1. Payment of utility bills is an operating expense, & hence all such expenses incurred in a financial year would be a part of the 'Statement of Profit & Loss'. If any bill/s for the financial year remain unpaid, these would be recorded in the CURRENT LIABILITIES section of the balance sheet as 'Accrued expenses'.
2. Payment of insurance is an operating expense, & hence if attributable to a financial year would be a part of the 'Statement of Profit & Loss'. If any premium for the financial year remains unpaid, it would be recorded in the CURRENT LIABILITIES section of the balance sheet as 'Accrued expense'.
3. The watch ($500) would get listed as an asset on the balance sheet. Since no payment has been made for the asset yet, but is billed to your credit card, it should be recorded in the CURRENT LIABILITIES section of the balance sheet as 'Accrued expense'.
4. The cost of the computer ($2200) would get listed as an asset on the balance sheet. The capital expenditure incurred should form part of the cash flow statement & be recorded under 'Cash flow from investing activities'.
5. The car is an asset on the balance sheet. Its value today as per the balance sheet would be $40,000 less the accumulated depreciation (which may or may not equal $19,000). If you wish to assign the value of $19,000 to the car on the balance sheet, then you would need to make appropriate adjustments through a revaluation account.
6. Checking account balance of $5,000 is recorded as a current asset on the balance sheet.