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 owner's equity. Of the accounts listed, the following would appear on the balance sheet: Accounts Payable (liability), Cash (asset), Common Stock (owner's equity), Supplies (asset), and Retained Earnings (owner's equity).

Consider the Following Account Balances of the Shattuck Law Firm