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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 9
Matching Financial Statement Items to the Four Basic Financial Statements
Prior to being acquired in November 2007 by Luxottica Group-an Italian eyewear company- Oaklev Inc., reported the following items in its financial statements. For each item, indicate: (1) the type of account (A = asset, L = liability, SE = stockholders' equity, R = revenue, E = expense, D = dividend), and (2) whether it is reported on the income statement (I/S), statement of retained earnings (SRE), and/or balance sheet (B/S).
1. Dividends
2. Contributed Capital
3. Sales Revenue
4. Equipment
5. Cash
6. Long-term Debt
7. Accounts Payable
8. Retained Earnings, Beginning of Year
Prior to being acquired in November 2007 by Luxottica Group-an Italian eyewear company- Oaklev Inc., reported the following items in its financial statements. For each item, indicate: (1) the type of account (A = asset, L = liability, SE = stockholders' equity, R = revenue, E = expense, D = dividend), and (2) whether it is reported on the income statement (I/S), statement of retained earnings (SRE), and/or balance sheet (B/S).
1. Dividends
2. Contributed Capital
3. Sales Revenue
4. Equipment
5. Cash
6. Long-term Debt
7. Accounts Payable
8. Retained Earnings, Beginning of Year
Explanation
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Verified
Accounts payable, Long-term debt and not...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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