Elements of the financial statements. The following accounts and balances were taken from the financial statements of Quality Products 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)
|
Equipment |
$231,300 |
|
Accounts receivable |
52,300 |
|
Cash |
51,890 |
|
Short-term notes payable |
23,200 |
|
Net cash from investing activities |
89,300 |
|
Land |
45,200 |
|
Common stock |
100,000 |
|
Retained earnings |
75,000 |
|
Net cash from financial activities |
45,980 |
|
Accounts payable |
32,100 |
|
Long-term mortgage payable |
54,000 |
|
Interest payable |
2,500 |
|
Net cash from operating activities |
54,350 |