u) Using check marks, identity the finan cial tatemento) on which cach of the fo

Question

u) Using check marks, identity the finan cial tatemento) on which cach of the follon ing tiems / accounts appear. Balance Sheet Item Statem Equity Asset Liability Shareholder Equity Sales Revenu Unearned Revenue Notes Payable Retained Earning Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends ) Circe tic on corcefe flbimig no tatemeats At the end of Celebrity Imports' firstear c: operations, assets are S750.000 and owners' equity is S680.000 . The business' liabilities are $70,000. b. The owner must have invested $750,000 to start the business. c. The business' liabilities are S1,430,000, . The business must be operating profitably. A company pays back SI million on a lan it had received earlier from a bank, i. Assets are unchanged, liabilities and stockholders' equity both inereased by S1 million. b. Assets are unchanged, liabilities inerease by S1 million, contributed eapital decreases by $1 million. c. Assets decrease by S1 million, liabilities are unchanged, contributed capital decreases by St million. d. Assets decrease by SI million, lia ilities decrease by SI million, stoekholders' equity is unchanged.

Explanation / Answer

Answer to Question 1

Sales Revenue - Income Statement

Unearned Revenue - Asset

Notes Payable - Liability

Retained Earnings - Shareholder's Equity

Accounts Receivable - Asset

Income tax Expense - Income Statement

Prepaid Rent - Asset

Land - Asset

Cash - Asset

Dividend - Income Statement

Answer to Question 2

1st part

a. The Business Liabilities are $70000

2nd Part

b.Asset decrease by 1Million$ Liability Decrease by 1Million$ stock holder equity remains unchanged

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