Richard Company is preparing its multiple step income statement, owner’s equity statement, and classified balance sheet. Using the column heads Account, Financial Statement, and Classification, indicate in which financial statement and under what Classification each of the following would be reported.
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Account |
Financial Statement |
Classification |
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Accounts Payable |
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Accounts Receivable |
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Accumulated Depreciation— |
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Buildings |
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Cash |
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Casualty Loss from Vandalism |
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Cost of Goods Sold |
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Depreciation Expense |
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Equipment |
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Freight out |
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Insurance Expense |
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Interest Payable |
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Inventory |
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Land |
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Notes Payable (due in 5 years) |
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Owner’s Capital (beginning balance) |
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Owner’s Drawings |
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Property Taxes Payable |
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Salaries and Wages Expense |
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Salaries and Wages Payable |
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Sales Returns and Allowances |
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Sales Revenue |
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Unearned Rent Revenue |
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Utilities Expense |