Asked by Irina Eriomov on May 17, 2024
Verified
Identify whether the following items would be reported on the income statement (IS) or balance sheet (BS).
1. Cash
2. Service Revenue
3. Notes Payable
4. Interest Expense
5. Accounts Receivable
Income Statement
A financial report that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.
Balance Sheet
A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.
Service Revenue
Income earned by a company through the provision of services to customers or clients.
- Differentiate the elements of the income statement, balance sheet, and statement of owner's equity.
Verified Answer
2. Income Statement (IS)
3. Balance Sheet (BS)
4. Income Statement (IS)
5. Balance Sheet (BS)
Learning Objectives
- Differentiate the elements of the income statement, balance sheet, and statement of owner's equity.
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