Question

From the following list of selected items taken from the records of Bobcat Appliance Service as of a specific date, identify those that would appear on the balance sheet:

1. Accounts Receivable
2. Cash
3. Common Stock
4. Fees Earned
5. Land
6. Supplies
7. Supplies Expense
8. Utilities Expense
9. Wages Expense
10. Wages Payable

Answer 1

Answer:

Explanation:

They classify the assets and liabilities in the balance sheet into different types Including assets are classified into fixed assets, current assets, and intangible assets.

Liabilities are similarly divided into current liabilities, long-term liabilities The accounting equation is used in any balance sheet that means

Total assets = Total liabilities + shareholder equity

So, the categorization is shown below:

1. Accounts Receivable

2. Cash

3. Common Stock

4. land

5. Supplies

6. Wages payable

Rest items are reflected in the income statement