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Accounting (115)
ACCT 1201 (75)
Chapter 5

Chapter 5 Activity.doc

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School
Northeastern University
Department
Accounting
Course
ACCT 1201
Professor
Ronen Gal-or
Semester
Spring

Description
Chapter 5 Activity 1. CLASSIFYING ACCOUNTS ON FINANCIAL STATEMENTS The following is a list of financial statement items and amounts from a recent income statement and balance sheet of Basic Corporation. All accounts have normal balances. The company’s year ended on December 31, 2010. For each financial statement item listed, indicate whether it appears on the income statement or balance sheet. Income Balance Financial Statement Item Amount Statement Sheet Accounts Payable $ 41,000 Accounts Receivable 262,000 Accrued Expenses Payable 37,000 Cash and Cash Equivalents 125,000 Contributed Capital 170,000 Cost of Sales 350,000 General and Administrative Expenses 75,000 Income Tax Expense 32,000 Intangible Assets, Net 85,000 Interest and Other Income, Net
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