Question: the following is adapted from financial management for executives 2nd...
The following is adapted from Financial Management for
Executives (2nd ed.): Presented below is a list of financial
statement accounts. Using the letter A for assets, L for
liabilities, SE for shareholders’ equity, R for revenue, E for
expenses, and N/A for not applicable, identify (a) whether the
listed accounts appear on the balance sheet (B/S) or the income
statement (I/S), and if so, (b) the nature of the account (i.e., A,
L, SE, R, E, or N/A).
Cash flow for operating activities
Cost of goods sold
Income tax expense
Compute the missing amounts from the financial statements on pages 33-35 of your textbook. You may assume that accounts receivable relate only to credit sales and that accounts payable relate only to credit purchases of inventory. There were no sales of property and equipment during 2015 and any purchases of property and equipment were made using cash.