Consider the following account balances of the Shattuck Law Firm as of December 31,2012:
$$\begin{array} { l r }
\text { Accounts Payable } & \$ 4,400 \
\text { Salaries Expense } & 12,800 \
\text { Cash } & 1,700 \
\text { Common Stock } & 2,400 \
\text { Service Revenue } & 8,300 \
\text { Supplies } & 4,300 \
\text { Retained Earnings } & 1,100 \
\text { Utilities Expense } & 5,000
\end{array}$$
How many of these accounts would appear in Shattuck's 2012 balance sheet?

Question

Consider the following account balances of the Shattuck Law Firm as of December 31,2012: 
$$\begin{array} { l r } 
\text { Accounts Payable } & \$ 4,400 \
\text { Salaries Expense } & 12,800 \
\text { Cash } & 1,700 \
\text { Common Stock } & 2,400 \
\text { Service Revenue } & 8,300 \
\text { Supplies } & 4,300 \
\text { Retained Earnings } & 1,100 \
\text { Utilities Expense } & 5,000
\end{array}$$
How many of these accounts would appear in Shattuck's 2012 balance sheet?

Quizplus · Accepted Answer

The balance sheet reports assets, liabilities, and equity. Of the accounts listed, Accounts Payable, Cash, Common Stock, Retained Earnings, and Supplies are all either assets, liabilities, or equity and would appear on the balance sheet.

Consider the Following Account Balances of the Shattuck Law Firm