Question & Answer: For each of the following items in Kabletown Inc.'s financial statements, indicate (1) whether it is reporte…..

Start Chapter 3 HW × Studer e Microsoft Edge ezto.mheducation.com/hm.tpx value 0.42 points M3-21 Preparing an Income Statement and Calculating Net Profit Margin [LO 3-1, 1. For each of the following items in Kabletown Incs financial statements, indicate (1) whether it is reported in the income statement (/S) or balance sheet (B/S) and (2) whether it is an asset (A), liability (L), stockholders equity (SE), revenue (R), or expense (E) account. The first item is given as an example. (1) Statement (2) Account T Cash 1. Service Revenue 2. Accounts Receivable 3. Interest Expense 4. Uneamed Revenue 5. Income Tax Expense 6. Retained Earmings 1,830 BS 9,300 1,850 760 1,150 440 310 References eBook & Resources Difficulty 1 Easy Leaming Objective 03-01 Describe select appropriate income s Worksheet M3-21 Preparing an Income net Statement and Caiculating Net Profit Margin [LO3-1, LO 3-4, LO 3-5 common operating transactions and account tites Check.my.wok

For each of the following items in Kabletown Inc.’s financial statements, indicate (1) whether it is reported in the income statement (I/S) or balance sheet (B/S) and (2) whether it is an asset (A). liability (L), stockholders’ equity (SE), revenue (R), or expense (E) account. The first item is given as an example

Expert Answer

No	Item	1. Statement	2. Account type
1	Service Revenue	I/S	R
2	Account Receivable	B/S	A
3	Interest Expense	I/S	E
4	Unearned Revenue	B/S	L
5	Income Tax Expense	I/S	E
6	Retained Earnings	B/S	SE

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