Identify items as assets, liabilities or owners’ equity State whether or not, and why, each of the following items is likely to be an asset, a liability or an owners’ equity account (perhaps both an...

Identify items as assets, liabilities or owners’ equity State whether or not, and why, each of the following items is likely to be an asset, a liability or an owners’ equity account (perhaps both an asset and a liability in some cases) of the company indicated: Company Item 1 News Corporation List of subscribers to a magazine 2 Qantas Funds collected from employees, to be repaid to them after retirement as superannuation 3 Westpac Westpac’s satisfied customers 4 Any company Lawsuit against the company by a builder who alleges the company failed to pay for work done on the company’s premises 5 Any company Land that the company has agreed to sell to a real estate developer once it has been surveyed 6 Westpac Westpac’s dissatisfied customers 7 Fairfax Media Australian Financial Review’s skilled group of editors and reporters 8 Ampolex Oil discovered on Ampolex’s property, but still underground and likely to stay there for many years 9 Sydney Football Club Players under contract to the team 10 Harvey Norman Deposits received from customers of Harvey Norman for furniture not yet delivered to them 11 Woolworths Profits earned by Woolworths, but not yet paid out to the owners as dividends 12 FedEx A fleet of delivery trucks leased by FedEx from several truck-leasing firms 13 Hertz A car Hertz leases to a real estate salesperson 14 Telstra Funds owing to Telstra by a customer who recently declared bankruptcy 15 Qantas The phrase ‘The Flying Kangaroo’ and the logo, both registered trademarks 16 Westfield Holdings The parking lot surrounding Roselands Shopping Mall, Sydney 17 Wesfarmers A guarantee Wesfarmers has made on a bank loan owed by an associated company 18 New beer company A newly developed beer with reduced calories that has yet to be approved by the government