chart of accounts the following accounts appeared in recent financial statements of 459495

EX 2- 1 Chart of accounts The following accounts appeared in recent financial statements of Continental Airlines:

Accounts Payable

Flight Equipment

Air Traffic Liability

Landing Fees ( Expense)

Aircraft Fuel Expense

Passenger Revenue

Cargo and Mail Revenue

Purchase Deposits for Flight Equipment

Commissions ( Expense)

Spare Parts and Supplies

Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or owner’s equity. For each income statement account, identify it as a revenue or an expense.

EX 1- 24 Statement of cash flows A summary of cash flows for Absolute Consulting Group for the year ended July 31, 2012, is shown below.

Cash receipts:

Cash received from customers $ 187,500

Cash received from additional investment of owner 40,000

Cash payments:

Cash paid for operating expenses 127,350 Cash paid for land 30,000

Cash paid to owner for personal use 5,000

The cash balance as of August 1, 2011, was $ 27,100. Prepare a statement of cash flows for Absolute Consulting Group for the year ended July 31, 2012.