Indicate on Which of the Financial Statements the Following Items

question 14

Essay

Indicate on which of the financial statements the following items appears.Use I for income statement,E for statement of owner's equity,and B for balance sheet.More than one statement may be appropriate for some items.

---

Definitions:

Excise Tax

A tax imposed on specific goods or services at purchase such as gasoline, tobacco, and alcohol.

Highly Inelastic

Describes a situation where the demand or supply for a good or service is hardly affected when the price changes.

Highly Elastic

Describes a situation where the demand or supply of a product changes significantly in response to changes in price.

Excise Tax

A tax on the sale or consumption of specific goods or services, such as alcohol or gasoline.