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6 February, 08:46

The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI) : Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense. Label each account title as either an asset, liability, or stockholders' equity.

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  1. 6 February, 10:16
    0
    For the provided accounts we have

    Assets = Liabilities + Stockholder's equity

    Stockholder's Equity = Stock + retained earnings

    Here, for the list the items and their respective headings are:

    Main solution:

    Computers = Asset

    Operating expenses = Retained earnings = Stockholder's Equity

    Rent Revenue = Retained Earnings = Stockholder's Equity

    Building = Asset

    Cash = Asset

    Notes Payable = Liability

    Land = Asset

    Utilities Payable = Liability

    Utilities Expense = Retained Earning = Stockholder's Equity

    Trucks = Assets

    Gasoline Expense = Retained Earnings = Stockholder's Equity

    Retained Earnings = Stockholder's Equity

    Supplies = Asset

    Accounts Payable = Liability

    Office Furniture = Asset

    Salaries Expense = Retained Earnings = Stockholder's Equity

    Common Stock = Stockholder's Equity

    Service Revenue = Retained Earnings = Stockholder's Equity

    Interest Expense = Retained Earnings = Stockholder's Equity

    Dividends = Retained Earnings = Stockholder's Equity

    Supplies Expense = Retained Earnings = Stockholder's Equity

    Note: All the expense items are deducted from retained earnings and thus deducted from stockholder's equity.

    And all the incomes are added to retained earnings and thus, added to stockholder's equity.
  2. 6 February, 12:01
    0
    Asset: It include all types of assets such as current assets, fixed assets, etc.

    It includes computers, buildings, cash, land, trucks, supplies, office furniture.

    Liability: It includes Notes payable, utilities payable, accounts payable

    Stockholder's equity: It has two parts

    1. Equity: It includes common stock

    2. Retained earnings: It includes retained earnings, operating expenses, rent revenue, utility expense, gasoline expense, salary expense, service revenue, interest expense, dividends.

    operating expenses, rent revenue, utility expense, gasoline expense, salary expense, service revenue, interest expense these are the part of the income statement through which net income or net loss can be computed.
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