The Long Run Golf & Country Club details the following accounts in its financial statements.?
Posted on October 30th, 2011 by admin
(a) Classify each of the accounts below as an asset, liability, stockholders’ equity, revenue, or expense item.
(b) Classify each of the accounts below as a financing activity, investing activity, or operating activity.
Accounts payable and accrued liabilities
Accounts receivable
Property, plant, and equipment
Food and beverage operations revenue
Golf course operations revenue
Inventory
Long-term debt
Office and general expense
Professional fees expense
Wages and benefits expense
Accounts payable and accrued liabilities – liability, operating
Accounts receivable – asset, operating
Property, plant, and equipment – asset, investing
Food and beverage operations revenue – revenue, operating
Golf course operations revenue – revenue, operating
Inventory – asset, operating
Long-term debt – liability, financing
Office and general expense – expense, operating
Professional fees expense – expense, operating
Wages and benefits expense – expense. operating
October 31st, 2011 at 4:34 am
Accounts payable and accrued liabilities – liability, operating
Accounts receivable – asset, operating
Property, plant, and equipment – asset, investing
Food and beverage operations revenue – revenue, operating
Golf course operations revenue – revenue, operating
Inventory – asset, operating
Long-term debt – liability, financing
Office and general expense – expense, operating
Professional fees expense – expense, operating
Wages and benefits expense – expense. operating
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