Question

Identify which of the following items would be reported in the balance sheet:a. Cash d. Wage expense g. Net incomeb. Sales e. Wages payable h. Inventoryc. Long-term debt f. Retained earnings i. Cost of goods soldItems reported in the balance sheet would include:1. c, d, e, h, and i2. a, b, c, e, and f3. a, c, e, f, and h4. b, e, f, h, and i5. c, e, f, h, and i

Answer 1

Answer:

Items reported in the balance sheet are:

3. a, c, e, f, and h

Explanation:

a) Data and Selection:

a. Cash

b. Sales

c. Long-term debt  

d. Wage expense

e. Wages payable

f. Retained earnings  

g. Net income

h. Inventory

i. Cost of goods sold

a. Cash

c. Long-term debt  

e. Wages payable

f. Retained earnings  

h. Inventory

b) Items reported in the balance sheet are items that are assets, liabilities, or equities.  These items are permanent items, which have their balances taken to the next accounting period.  Non balance sheet items are reported in the income statement.  They are closing or temporary items that do not have balances taken to the next period.