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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 38
Matching Financial Statement Items to Balance Sheet and Income Statement Categories
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls and 20 million Tootsie Roll Pops each day. The following items were listed on Tootsie Roll's recent income statement and balance sheet. For each item, indicate: (1) the type of account (A = asset, L-liability, SE = stockholders' equity, R = revenue, E = expense), and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).
1. Accounts Receivable
2. Selling and Administrative Expenses
3. Cash
4. Equipment
5. Advertising Expense
6. Sales Revenue
7. Notes Payable
8. Retained Earnings
9. Accounts Payable
Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls and 20 million Tootsie Roll Pops each day. The following items were listed on Tootsie Roll's recent income statement and balance sheet. For each item, indicate: (1) the type of account (A = asset, L-liability, SE = stockholders' equity, R = revenue, E = expense), and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).
1. Accounts Receivable
2. Selling and Administrative Expenses
3. Cash
4. Equipment
5. Advertising Expense
6. Sales Revenue
7. Notes Payable
8. Retained Earnings
9. Accounts Payable
Explanation
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Accounts payable, Notes payables are lia...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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