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The Essentials of Finance and Accounting for Nonfinancial Managers, 3rd Edition by Edward Fields

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APPENDIX A

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Financial Statement Practice

Middlesex Manufacturing Company

The following list gives all the financial categories of Middlesex Manufacturing Company, Inc. For each item in the list, identify whether it belongs on the balance sheet or the income statement and write the number in the correct places. Correctly placing the numbers will provide you with an excellent review of the structure and content of the financial statements.

Corporate Income Tax Expense $ 2,000
Accounts Receivable 3,000
Telephone Expense 7,000
Cost of Goods Sold 140,000
Wages Expense 29,000
Total Current Assets 12,000
Advertising Expense 10,000 ...

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