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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 62
Matching Financial Statement Items to Balance Sheet and Income Statement Categories
General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables. The following items were presented in the company's financial statements. For each item, indicate: (1) the type of account (A = asset, L = liability, SE = stock-holders' equity, R = revenue, E = expense), and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).
1. Accounts Payable
2. Contributed Capital
3. Equipment
4. Accounts Receivable
5. Notes Payable
6. Cash
7. Retained Earnings
8. Selling and Administrative Expenses
9. Sales Revenue
10. Supplies
General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables. The following items were presented in the company's financial statements. For each item, indicate: (1) the type of account (A = asset, L = liability, SE = stock-holders' equity, R = revenue, E = expense), and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).
1. Accounts Payable
2. Contributed Capital
3. Equipment
4. Accounts Receivable
5. Notes Payable
6. Cash
7. Retained Earnings
8. Selling and Administrative Expenses
9. Sales Revenue
10. Supplies
Explanation
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Verified
Accounts payable, Notes payables are lia...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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