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Accounting help! Income statement and balance sheet confused.? |
I have a list of items and I am unsure if they belong on the balance sheet or income statemtent or if they are a liability,asset,expense,owner's equity or revenue etc. I have 15 but I have some confilicitng information in my book on several PLEASE HELP. Where do these belong and what are they, long-term investments and bonds--are they both liablilites and therefore belong on the balance sheet? long-term investments belong to the non current assets in the balance sheet, and Bonds in the liabilities as it depends if short or long term according to the maturity date of the bond Long-term investments are assets and therefore belong on the balance sheet. Any interest earned from these investments belong on the income statement you can find simple balance sheets, income statements on google. |
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