Identifying Financial Statement Line Items and Accounts
Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) we would likely find the item or account: income statement (IS), balance sheet (BS), statement of stockholders’ equity (SE), or statement of cash flows (SCF). (Select all that apply.)
| Account | financial statement |
| (a) Cash asset
|
BS and SCF |
| (b) Expenses | IS |
| (c) Noncash assets | BS |
| (d) Contributed capital | BS AND SE |
| (e) Cash outflow for capital expenditures
|
SCF |
| (f) Retained earnings | BS AND SE |
| (g) Cash inflow for stock issued | SCFAND SE |
| (h) Cash outflow for dividends | SCFAND SE |
| (i) Net income | IS,SE AND SCF |
Explanation:
- Cash assets lie in financial statement balance sheet and statement of cash flow
- Expenses lie in the financial statement in income statement section
- Non cash assets lie in financial statement in balance sheet side
- Contributed capital lie in financial statement in balance sheet and statement of stockholders equity
- Cash outflow for capital expenditures lie in financial statement in statement of cash flows
- Retained earnings lie in financial statement in balance sheet and statement of stockholders equity
- Cash inflow for stock issued lie in financial statement in statement of cash flows and statement of stockholders’ equity
- Cash outflow for dividends lie in financial statement of cash flows and statement of stockholders’ equity
- Net income lie in financial statement in statement of cash flows and statement of stockholders’ equity and income statement