Estes 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
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Financial Statement
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Classification
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Accounts Payable
Accounts Receivable
Accumulated Depreciation—Buildings
Cash
Casualty Loss from Vandalism
Cost of Goods Sold
Depreciation Expense
Equipment
Freight-Out
Insurance Expense
Interest Payable
Inventory
Land
Notes Payable (due in 5 years)
Owner”s Capital (beginning balance)
Owner”s Drawings
Property Taxes Payable
Salaries and Wages Expense
Salaries and Wages Payable
Sales Returns and Allowances
Sales Revenue
Unearned Rent Revenue
Utilities Expense
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