financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

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Description: financial statement because they don't have accountant or a spe-cialized person who can prepare correct financial statement. Theperson who prepare financial statement always make a mistakeand mixing between income statement and statement of financia

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Could anyone explain this question? indicate the financial statement on which the account’s balance should be found. Also, if the account is shown on a company’s balance sheet, indicate if it should appear in the asset section, liability section, retained earnings section, income section, or stockholders’ equity section. Accounts Receivable Note Receivable Discount on Note Receivable Bank Service Charge Expense Bad Debts Expense Sales Return Liability Interest Revenue Allowance for Doubtful Accounts Cash Over/ Short Interest Receivable Sales Returns and Allowances
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I have to label the following accounts. I have to specify what type of account they are -Asset, Liability, Equity, Revenue or Expense. Then I have to classify them as Real or Nominal. Here they are1) Accounts Payable2) Service Fees Revenue3) Tax Expense4) Cash5) Accounts Receivable6) Smith, Drawings7) Interest Receivable8) Retained Earnings9) Depreciation Expense10) Interest Income11) Invemtory12) Bonds Payable13) Common Stock14) Prepaid Insurance15) Sales16) Cost of Goods Sold17) Supplies Expense18) Supplies on Hand19) Wages Payable20) Mortgage Payable
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