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INSTRUCTIONS: Indicate the placement on financial statements of the items listed below by inserting the...

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Accounting

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INSTRUCTIONS: Indicate the placement on financial statements of the items listed below by inserting the appropriate letter or letters in the Answers column. Assume the use of the multiple-step income statement and the perpetual inventory system. STATEMENTS G. Retained Eamings Statement Income Statement A. Administrative expenses B. Cost of merchandise sold C. Other expense D. Other income E. Revenue from sales F. Selling expenses Balance Sheet I. Current liabilities K. Stockholders' equity H. Current assets term liabilities L. Property, plant, and equipment For Scoring Answers ITEMS APPEARING ON STATEMENTS 0. Accounts payable 1. Merchandise inventory at end of period. 2. 3. 3. Cost of merchandise sold 4. Store equipment . 5. Note payable (payable in 60 monthly installments) 6. Sales discounts .. 7. Retained eanings at end of period 8. Retained earnings at beginning of period.... 9. Office salaries expense 10. Interest income . 11. Accumulated depreciation-equipment 12. Sales salaries expense 13. Sales. 5. 9. 10. 12. 13

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