Elements of the financial statements. The following accounts and balances were taken from the financial statements of Brand Names at a Discount Inc. For each item, identify the financial statement(s) on which the item would appear. Then, identify each balance sheet item as an asset, a liability, or a shareholders” equity account.( LO 3)
|
Van |
$50,000 |
|
Interest receivable |
32,500 |
|
Cash |
78,000 |
|
Short-term notes payable |
15,875 |
|
Net cash from operating activities |
28,000 |
|
Building |
3 1,853 |
|
Common stock |
75,000 |
|
Retained earnings |
100,000 |
|
Net cash from investing activities |
40,000 |
|
Interest payable |
650 |
|
Long-term mortgage payable |
85,000 |
|
Salaries payable |
1315 |
|
Net cash from financing activities |
10,000 |