ch 16 Flashcards by Aleisa Rivera Cortes

Q

what accts are not on the income statement

A

all accounts down to income summary. besides merchandise inv. (cost of merch sold)

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Q

in the income statement, you are calculating

A

gross profit

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Q

section: cash

A

balance sheet: current ass.

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Q

section: petty cash

A

balance sheet: current ass.

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Q

section: accounts receivable

A

balance sheet: current ass.

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Q

section: allowance for uncoll. accts.

A

balance sheet: current ass. AND income stmt. cost of mdse. sold

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Q

section: supplies office and store

A

balance sheet: current ass.

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Q

section: prepaid insurance

A

balance sheet: current ass.

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Q

section: notes receivable

A

balance sheet: current ass.

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Q

section: interest receivable

A

balance sheet: current ass.

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Q

section: office equip. and accumulated depreciation of that acct.

A

balance sheet: plant ass.

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Q

section: store equip. and accumulated depreciation of that account

A

balance sheet: plant ass.

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Q

section: accounts payable

A

balance sheet: current liabil.

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Q

section: sales tax payable

A

balance sheet: current liabil.

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Q

section: employee tax payable

A

balance sheet: current liabil.

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Q

section: social security tax payable

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A

balance sheet: current liabil.

Q

section: medicare tax payable

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A

balance sheet: current liabil.

Q

section: health insurance premium payable

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A

balance sheet: current liabil.

Q

section: retirement benefits payable

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A

balance sheet: current liabil.

Q

section: unemploy. tax payable -fed.

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A

balance sheet: current liabil.

Q

section: unemploy. tax payable- state.

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A

balance sheet: current liabil.

Q

section: federal income tax payable

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A

balance sheet: current liabil.

Q

section: dividends payable

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A

balance sheet: current liabil.

Q

section: capital stock

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A

balance sheet: stockhold. equity AND statement of stockhold. equity

section: retained earnings

balance sheet: stockhold. equity AND statement of stockhold. equity

section: dividends

balance sheet: stockhold. equity

section: income summary

no statement

section: sales

income statement: operating revenue

section: sales discount

income statement: operating revenue

section: sales returns and allowances

income statement: operating revenue

section: purchases

income statement: cost of mdse. sold

section: purchases discounts

income statement: cost of mdse. sold

section: purchases returns and allowances

income statement: cost of mdse. sold

section: EXPENSES (advertising - utilities)

income statement: operating expenses

section: federal income tax expense

unrelated to norm.

section: interest income

unrelated to norm.