Question

Indicate whether the item is on the balance sheet or the income statement. If it is on the balance sheet, designate which category. (lf there is no category, select "None" from the drop down menu.) Item Income Statement/ Balance Sheet Category Accounts receivable Retained earnings Income tax expense Accrued expenses Cash Selling and administrative expenses Plant and equipment Operating expenses Marketable securities Interest expense Sales Notes payable (6 months) Bonds payable, maturity 20 years Common stock Depreciation expense Inventories Capital in excess of par value Net income earnings after taxes)

Answer 1

Answer:

Explanation:

The categorization is presented below:

Item                      Income Statement/ Balance Sheet         Category

Accounts receivable           Balance sheet                            Current assets

Retained earnings               Balance sheet                            Shareholder equity

Income tax expense           Income statement                      Expense

Accrued expenses             Balance sheet                            Current liabilities

Cash                                    Balance sheet                             Current assets

Selling and administrative expenses Income statement      Expense

Plant and equipment          Balance sheet                             Fixed assets

Operating expenses           Income statement                      Expense

Marketable securities         Balance sheet                            Current assets

Interest expense                Income statement                      Expense

Sales                                    Income statement                     Revenue

Notes payable (6 months)  Balance sheet                           Current liabilities

Bonds payable, maturity 20 years Balance sheet               Long term liabilities

Common stock                      Balance sheet                           Shareholder equity

Depreciation expense          Income statement                      Expense

Inventories                             Balance sheet                            Current assets

Capital in excess of par value  Balance sheet                         Shareholder equity

Net income earnings after taxes) Income statement              None