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Balance Sheets and Income Statements : Assets, Liabilities and Owner's Equity

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Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners' equity item (OE)?

1. Accounts Payable
2. Sales Revenue
3. Accounts Receivable
4. Advertising Expense
5. Cash
6. Supplies
7. Consulting Revenue
8. Land
9. Capital Stock
10. Rent Expense
11. Equipment
12. Interest Receivable
13. Mortgage Payable
14. Notes Payable
15. Buildings
16. Salaries & Wages Expense
17. Retained Earnings
18. Utilities Expense

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Solution Summary

Items are identified on balance sheets and income statements as assets, liabilities and owner's equity.

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Manal Elkhoshkhany, MBA
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  • BA, Ain Shams University, Cairo Egypt
  • MBA, California State University, Sacramento
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