Smith Company is preparing its multiple step income statement, statement of owner’s equity, 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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Office Building |
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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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Delivery Equipment |
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Depreciation Expense |
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E. Smith, Capital |
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E. Smith, Drawing |
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Freight out |
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Insurance Expense |
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Interest Payable |
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Land |
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Merchandise Inventory |
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Notes Payable (due in 5 years) |
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Property Tax Payable |
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Salaries Expense |
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Salaries Payable |
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Sales Returns and Allowances |
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Sales Revenues |
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Unearned Rent |
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Utilities Expense |
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Warehouse |
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