Answered: 12. Which of the following is NOT an…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 22DQ

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Which of the following is not an asset? a.cash b.inventory c.owner's equity d.investments
18 When reviewing the current assets section of the balance sheet, it should include Select one: a. goodwill b. inventory c. patents d. machinery
For each item below, indicate to which category of elements of financial statements it belongs. a. Retained earnings. b. Sales. c. Additional paid-in capital. d. Inventory. e. Depreciation. f. Loss on sale of equipment. g. Interest payable. h. Dividends. i. Gain on sale of investment. j. Issuance of common stock.
The following are the typical classifications used in a balance sheet: Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings a. Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. C Equipment 10. ſa Inventory ces 2. t Accounts payable 11. Patent 3. lа Allowance for uncollectible accounts Land (used in operations) a 12. 4. b Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. g Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. h Common stock 7. f Notes payable (due in 6 months) 16. Building (used in operations) 8. i vAccumulated amount of net income less dividends 17. a Cash 9. b Investment in XYZ…
Which of the following would NOT be included as an asset on a corporate balance sheet? Select one: O A. Common stocks OB. Accounts receivable OC. Buildings O D. Inventory
Which of the following accounts is least likely to have its balance change on the worksheet? a. Salaries Payable. b. Supplies. c Accumulated Depreciation. d. Sharer Capital-ordinary
In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of purchase C. the order of liquidity D. The value of the assets
For each item below, indicate to which category of elements of financial statements it belongs. (Asset, liabilities, equity, none of them) a. Retained earnings. c. Share Premium. e. Depreciation. g. Interest payable. i. Gain on sale of investment. b. Sales. d. Inventory. f. Loss on sale of equipment. h. Dividends. j. Issuance of ordinary shares.
Which of the following elements of financial statements is most closely related to companyperformance?a. assetsb. liabilitiesc. expenses
Which of the following is incorrect? A. Capital + Liabilities = Assets B. Assets Liabilities Capital Capital + Liabilities = Capital - Liabilities C. Assets D. Assets -
The valuation method primarily used in the balance sheets of business entities is a. current exit value b. historical cost c. present value d. net realizable value
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12. Which of the following is NOT an operating asset? Select one: a. Plant equipment. b. Common shares. c. Cash. d. Inventory.