Identify each of the given items as an expense or revenue

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Reference no: EM131526258

Question: 1. Identify each of the following items as

(a) an asset,

(b) a liability,

(d) an expense, or

(e) a dividend:

1. Amounts due from customers

2. Amounts owed vendors

3. Cash on hand

4. Cash paid to stockholders

5. Cash sales

6. Equipment

7. Note payable owed to the bank

8. Rent paid for the month

9. Sales commissions paid to salespersons

10. Wages paid to employees

2. Financial information related to Madras Company for the month ended April 30, 2006, is as follows:

Net income for April $ 73,000

Dividends during April 12,000

Retained earnings, April 1, 2006 297,200

Prepare a retained earnings statement for the month ended April 30, 2006.

Reference no: EM131526258

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