A list of accounts follows: Accounts Receivable Land Salaries and Wages Payable Land Held for Future Plant Site Accumulated Depreciation-Buildings Loss on Impairment Accumulated Depreciation-Equipment Notes Payable (due in six months) Accumulated Other Comprehensive Income Intangible Assets-Patents (net of accumulated amortization) Advances to Employees Advertising Expense Petty Cash Allowance for Expected Credit Losses Preferred Shares FV-OCI Investments Equipment Income Tax Payable Gain on Disposal of Equipment FV-NI Investments Interest Receivable Pension Obligation (non-current) Bonds Payable (due in four years) Prepaid Rent Buildings Dividends Cash Cost of Goods Sold Restricted Cash Notes Receivable (due in five years) Commission Expense Retained Earnings Common Shares Sales Revenue Intangible Assets-Copyrights (net of accumulated amortization) Dividends Payable Selling Expenses Inventory Unearned Revenue Unrealized Gain or Loss-OCI Prepare a classified statement of financial position in good form, without specific amounts. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings and Equipment.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Prepare a classified statement of financial position in good form, without specific amounts. (List Current Assets in order of liquidity. List
Property, Plant, and Equipment in order of Land, Buildings and Equipment.)

A list of accounts follows:
Accounts Receivable
Land
Salaries and Wages Payable
Land Held for Future Plant Site
Accumulated Depreciation-Buildings
Loss on Impairment
Accumulated Depreciation-Equipment
Notes Payable (due in six months)
Accumulated Other Comprehensive Income
Intangible Assets-Patents (net of accumulated amortization)
Advances to Employees
Advertising Expense
Petty Cash
Allowance for Expected Credit Losses
Preferred Shares
FV-OCI Investments
Equipment
Income Tax Payable
Gain on Disposal of Equipment
FV-NI Investments
Interest Receivable
Pension Obligation (non-current)
Bonds Payable (due in four years)
Prepaid Rent
Buildings
Dividends
Cash
Cost of Goods Sold
Restricted Cash
Notes Receivable (due in five years)
Commission Expense
Retained Earnings
Common Shares
Sales Revenue
Intangible Assets-Copyrights (net of accumulated amortization)
Dividends Payable
Selling Expenses
Inventory
Unearned Revenue
Unrealized Gain or Loss-OCI
Prepare a classified statement of financial position in good form, without specific amounts. (List Current Assets in order of liquidity. List
Property, Plant, and Equipment in order of Land, Buildings and Equipment.)
Transcribed Image Text:A list of accounts follows: Accounts Receivable Land Salaries and Wages Payable Land Held for Future Plant Site Accumulated Depreciation-Buildings Loss on Impairment Accumulated Depreciation-Equipment Notes Payable (due in six months) Accumulated Other Comprehensive Income Intangible Assets-Patents (net of accumulated amortization) Advances to Employees Advertising Expense Petty Cash Allowance for Expected Credit Losses Preferred Shares FV-OCI Investments Equipment Income Tax Payable Gain on Disposal of Equipment FV-NI Investments Interest Receivable Pension Obligation (non-current) Bonds Payable (due in four years) Prepaid Rent Buildings Dividends Cash Cost of Goods Sold Restricted Cash Notes Receivable (due in five years) Commission Expense Retained Earnings Common Shares Sales Revenue Intangible Assets-Copyrights (net of accumulated amortization) Dividends Payable Selling Expenses Inventory Unearned Revenue Unrealized Gain or Loss-OCI Prepare a classified statement of financial position in good form, without specific amounts. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings and Equipment.)
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education