You are presented with the following alphabetical list of

selected #8495
You are presented with the following alphabetical list of selected

You are presented with the following alphabetical list of selected items from the financial
statements of High Liner Foods Incorporated:

Accounts payable

Income taxes receivable

Accounts receivable

Interest expense

Bank loans payable (short-term)

Inventories

Cash

Prepaid expenses

Common shares, beginning of year

Retained earnings, beginning of year

Dividends declared

Sales

Furniture, fixtures, and production equipment

Selling, general, and administrative expenses

Income tax expense

Instructions

(a) For each of the above accounts, identify (1) whether the account is increased by a debit or a
credit and (2) the normal balance of the account.

(b) For each of the above accounts, indicate on which financial statement (income statement,
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 statement of changes in equity, or statement of financial position) the company would report the
account.

(c) For the accounts identified in part (b) reported on the statement of financial position, indicate
the appropriate classification (current assets, non-current assets, current liabilities, non-current
liabilities, or shareholders' equity).

Prepare basic, equation, and debit-credit analyses and record transactions.

You are presented with the following alphabetical list of selected

ANSWER
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