Question

For each of the items listed below, identify the appropriate financial statement element.

(Asset; Assets, liabilities and equity; Comprehensive income; Distribution to owners; Equity;Expense; Gain; Investment by owner; Liability; Loss; Net income; Revenue):
1. Obligation to transfer cash or other resources as a result of a past transaction.
2. Dividents paid by a corporation to its shareholders.
3. Inflow of an asset from providing a good or service.
4.The financial posotion of a company
5. Increase in equity during a period from nonowner transaction.
6. Increase in equity from peripheral or incidental transaction.
7. Sale of an asset used in the operations of a business for less than the aset's book value.
8. The owners' residual interest in the assts of a company.
9. An item owned by the company represennting probable future benefits.
10. Revenues plus gains less expenses and losses.
11.An owner's contribution of cash to a corporation in exchange for ownership shares' ofstock.
12.Outflow of an asset related to the productionof revenue.

Answer 1

The appropriate financial statement element for each item are identified.

Step-by-step explanation:

1. Obligation to transfer cash or other resources as a result of a past transaction - Liability

2. Dividends paid by a corporation to its shareholders - Distribution to owners

3. Inflow of an asset from providing a good or service - Revenue

4. The financial position of a company - Assets, liabilities and equity

5. Increase in equity during a period from nonowner transaction - Comprehensive income

6. Increase in equity from peripheral or incidental transaction - Gain

7. Sale of an asset used in the operations of a business for less than the asset's book value - Loss

8. The owners' residual interest in the assets of a company - Equity

9. An item owned by the company representing probable future benefits - Asset

10. Revenues plus gains less expenses and losses - Net income

11. An owner's contribution of cash to a corporation in exchange for ownership shares of stock - Investment by owner

12. Outflow of an asset related to the production of revenue - Expense