EX 2- 1 Chart of accounts The following accounts appeared in recent financial statements of Continental Airlines:
Accounts Payable
Flight Equipment
Air Traffic Liability
Landing Fees ( Expense)
Aircraft Fuel Expense
Passenger Revenue
Cargo and Mail Revenue
Purchase Deposits for Flight Equipment
Commissions ( Expense)
Spare Parts and Supplies
Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or owner's equity. For each income statement account, identify it as a revenue or an expense.
EX 1- 24 Statement of cash flows A summary of cash flows for Absolute Consulting Group for the year ended July 31, 2012, is shown below.
Cash receipts:
Cash received from customers $ 187,500
Cash received from additional investment of owner 40,000
Cash payments:
Cash paid for operating expenses 127,350 Cash paid for land 30,000
Cash paid to owner for personal use 5,000
The cash balance as of August 1, 2011, was $ 27,100. Prepare a statement of cash flows for Absolute Consulting Group for the year ended July 31, 2012.