Assignment 1 Answers Terms in this set (13) Accounts: Utilities Payable Related Transactions: Amounts owed for utilities. What is the Account Classifications? A liability Accounts: Cash Related Transactions: Cash available for use What is the acco

Assignment 1 Answers Terms in this set (13) Accounts: Utilities Payable Related Transactions: Amounts owed for utilities. What is the Account Classifications? A liability Accounts: Cash Related Transactions: Cash available for use What is the account classifications? An Asset Accounts: Salaries Related transactions: Cost of salaries What is the account classifications? An expense Accounts: Common Stock Related Transactions: Shares of ownership sold to investors What is the account classifications? Stockholders' equity Accounts: Service Revenue Related Transactions: Sale of services to customers What is the account classifications? A revenue Related transactions: Change in owners' claim to resources What is the financial statement? Statement of stockholders' equity Related transactions: Profitability of the company What is the financial statement? Income statement Related transactions: Change in cash as a result of operating, investing, and financing activities What is the financial statement? Statement of cash flows Assignment 1 Answers Related Transactions: Resources equal creditors' and owners' claims to those resources What is the financial statement? Balance sheet Item: the change in retained earnings due to net income and dividends What is the financial statement? Statement of stockholders' equity Item: Amount of cash received from borrowing money from a local bank What is the financial statement? Statement of cash flows Item: Revenue from sales to customers during the year What is the financial statement? Income statement Items: Total amounts owed to workers at the end of the year What is the financial statement? Balance sheet