40) Indicate with an "X" the one financial statement where you would expect to find each line item:
Income Statement
Statement of Cash Flows
Balance Sheet
1. Cash paid for insurance
2. Prepaid insurance
3. Insurance expense
4. Wages paid to employees
5. Wages payable
6. Wages expense
7. Accounts payable
8. Cost of goods sold
9. Inventory
10. Cash paid to vendors
41) Classify each of the items below according to the section of a firm's financial statements where it would be reported. Some sections may be used more than once. Others may not be used at all.
a.Current asset c.Current liability f.Revenue
b.Long-term asset d.Long-term liability g.Expense
e.Shareholders' equity
_____ 1.Common stock_____ 6.Accounts payable
_____ 2.Notes payable (due in 2 years)_____ 7.Land
_____ 3.Prepaid insurance (2 months remaining)_____ 8.Inventory
_____ 4.Sales_____ 9.Service fees earned
_____ 5. Cost of goods sold_____10. Accounts receivable
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