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LenaWriter [7]
3 years ago
5

For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statemen

t (I).
a. Net income
b. Retained earnings
c. Depreciation expense
d. Accumulated depreciation
e. Wages expense
f. Wages payable
g. Interest expense
h. Interest payable
i. Sales
Business
1 answer:
blagie [28]3 years ago
8 0

Answer:

Explanation:

The statement of income records all sales revenues general and expenditure incurred during a particular period.

The balance sheet reports the assets and the liabilities of the company

So, the classification is as follows

a. Net income  = income statement (I)

b. Retained earnings  = balance sheet (B)

c. Depreciation expense  = income statement (I)

d. Accumulated depreciation  = balance sheet (B). It is deducted from the value of the respective fixed assets

e. Wages expense  = income statement (I). It is shown on the debit side of the income statement

f. Wages payable   = balance sheet (B). It is a current liabilities

g. Interest expense  = income statement (I) It is shown on the debit side of the income statement

h. Interest payable   = balance sheet (B). It is a current liabilities

i. Sales = income statement (I)

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