Select the financial statement (balance sheet or income statement) in which each account would appear. 1. Wages

Question

Select the financial statement (balance sheet or income statement) in which each account would appear. 1. Wages Payable: Balance Sheet 2. Rent Expense: Income Statement > 3. Sales: Income Statement > 4. Cash: [Select 5. Income Tax Payable: [Select 6. Inventory: Select) ? 7. Notes Payable: [Select] c. 8. Operating Expenses: Select] 9. Accounts Receivable: Select 10. Income Tax Expenses: [Select!

Help In Homework · Accepted Answer

S No Item Type of financial statement Explanation 1 Wages payable Balance sheet Wages payable is a liability and hence will appear on the liabilities and equity side 2 Rent expense Income statement Expenses are shown in the income statement under expenses 3 Sales Income statement Revenues are shown in the income statement 4 Cash Balance sheet Cash is an asset shown in the assets side of the balance sheet 5 Income tax payable Balance sheet Income tax payable is a liability and hence will appear on the liabilities and equity side 6 Inventory Balance sheet Inventory is an asset shown in the assets side of the balance sheet 7 Notes payable Balance sheet Notes payable is a liability and hence will appear on the liabilities and equity side 8 Operating expenses Income statement Operating expenses are shown in the income statement under expenses 9 Accounts receivable Balance sheet Accounts receivable is an asset shown in the assets side of the balance sheet 10 Income tax expense Income statement Income tax expense is shown in the income statement under expenses

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Select the financial statement (balance sheet or income statement) in which each account would appear

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Archived Solution

S No	Item	Type of financial statement	Explanation
1	Wages payable	Balance sheet	Wages payable is a liability and hence will appear on the liabilities and equity side
2	Rent expense	Income statement	Expenses are shown in the income statement under expenses
3	Sales	Income statement	Revenues are shown in the income statement
4	Cash	Balance sheet	Cash is an asset shown in the assets side of the balance sheet
5	Income tax payable	Balance sheet	Income tax payable is a liability and hence will appear on the liabilities and equity side
6	Inventory	Balance sheet	Inventory is an asset shown in the assets side of the balance sheet
7	Notes payable	Balance sheet	Notes payable is a liability and hence will appear on the liabilities and equity side
8	Operating expenses	Income statement	Operating expenses are shown in the income statement under expenses
9	Accounts receivable	Balance sheet	Accounts receivable is an asset shown in the assets side of the balance sheet
10	Income tax expense	Income statement	Income tax expense is shown in the income statement under expenses