LP1 ASSIGNMENT: FINANCIAL STATEMENTS

Directions
In Part I, next to each item listed, you will identify which statement the item would
appear. You will need to determine whether it would appear on the income statement
(I), balance sheet (B), or statement of cash flows (CF). Then, for each group,
explain the difference among the items listed. Finally, in Part II, discuss the relationship
between the three financial statements.
Part I
Set 1:
_____ Inventory, ending balance
_____ Cost of goods (inventory) sold during the period
_____ Cash paid to suppliers during the period
_____ Accounts payable, ending balance
Difference:
Set 2:
_____ Accounts receivable, ending balance
_____ Cash received from customers
_____ Sales
Difference:
Set 3:
_____ Wage expense for the period
_____ Wages payable, ending balance
_____ Cash paid for wages during the period
Difference:
Set 4:
_____ Property, plant, and equipment, ending balance
_____ Cash paid for property, plant, and equipment during the period
_____ Cash received from selling property, plant, and equipment during the period
_____ Depreciation expense during the period (expense of using property, plant, and
equipment during the period)
Difference:
Set 5:
_____ Notes payable, ending balance
_____ Cash received from borrowing money during the period
_____ Cash used to pay off notes payable during the period
_____ Interest expense during the period (expense of using borrowed money during the
period)
Difference:
Part II

LP1 ASSIGNMENT: FINANCIAL STATEMENTS

Discuss the Relationship between the financial statements identified:

ScholarMatic: Explanation & Answer

Your ready answer from a verified tutor is just a click away for as little as $14.99

---

  

Click Order Now to get 100% Original Answer Customized to your instructions!