Ask Question
16 October, 08:38

For each item below, indicate to which category of elements of financial statements it belongs.

(a) Retained earnings select a category of elements of financial statements

(b) Sales select a category of elements of financial statements

(c) Additional paid-in capital select a category of elements of financial statements

(d) Inventory select a category of elements of financial statements

(e) Depreciation select a category of elements of financial statements

(f) Loss on sale of equipment select a category of elements of financial statements

(g) Interest payable select a category of elements of financial statements

(h) Dividends select a category of elements of financial statements

(i) Gain on sale of investment select a category of elements of financial statements

(j) Issuance of common stock

+3
Answers (1)
  1. 16 October, 10:01
    0
    Answer: (a) Retained earnings = Equity.

    (b) Sales = Revenues.

    (c) Additional paid-in capital = Equity.

    (d) Inventory = Assets.

    (e) Depreciation = Expenses.

    (f) Loss on sale of equipment = Losses.

    (g) Interest payable = Liability.

    (h) Dividends = Dividends payable are a liability. Dividends paid are a decrease in the accumulated results of the company as they are distributed to the owners.

    (i) Gain on sale of investment = Gains.

    (j) Issuance of common stock = are investments by the owners that become part of the capital.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “For each item below, indicate to which category of elements of financial statements it belongs. (a) Retained earnings select a category of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers