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Listed below are accounts that appear in financial statements
Listed below are accounts that appear in financial statements. Required: Identify the financial statement(s) in which each of the following three accounts would be found. Note: An account may appear in more than one financial statement. Balance Sheet Statement of Income Changes in Statement Retained Earnings Beginning Retained Earnings Cash Rent Revenue ? ?
Expert Solution
There are three main parts of financial statements (1)Income statements (2) balance sheet andcahnge in retained earnings (3) Cash flow statement
Accounts included in above financial statements are as follows:
| Income statement | Balance sheet | Changes in retained earnings | |||
| Revenue | Assets | Beginning common stock | |||
| Expenses | Liabilities | Common stock issued | |||
| Net Income (loss) | Stockholder's equity | Ending common stock | |||
| Beginning retained earnings | |||||
| Income (loss) for period | |||||
| Dividends | |||||
Beginning retained earnings is the beginnning balance of retained earnings which shall be included in changes in retained earnings statement. it is shown as liability for the company.
Cash is a current assets for the company. It is included in Balance sheet and shown on asset side of balance sheet.
Rent revenue is an income. It is shown on credit side of an income statement.
Answer:
| Balance sheet | Income statement | Changes in retained earnings | |
| Beginnign retained earnings | - | - |
|
| cash |
|
- | - |
| Rent Revenue | - |
|
- |
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