Asset-liability-revenue-expense-equity or nothing

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Reference no: EM13874627

Determine whether each of the following is an asset, liability, revenue, expense, equity, or nothing. If more than one account is affected, analyze the impact on all accounts. Assume a year-end of December 31st. Justify your answer with appropriate "theory." An example of a "theory" would be revenue recognition, historical cost, etc. Indicate both sides of the transaction and whether the account will increase or decrease.

k. Company incurs substantial costs in rearranging the layout of its plant which was done to expedite the flow of materials and decrease materials handling.

l. Company owns 1000 shares of stock in another corporation. The stock has decrease in value compared to what it originally cost earlier in the year.

q. Company holds a note receivable as of December 31st from a customer who files bankruptcy in January before the current year financial statements are made public in March of next year.


t. The company's advertising campaign over several years has been so successful that the general public now consider the company's brand to be synonymous with the product.

Reference no: EM13874627

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