For each account listed, identify the category in which it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Owner's Equity. If the item does not belong on the classified balance sheet,put an X.Accounta. Land (used n operations)b. Accumulated Depreciation-Equipmentc. Reed, Capitald. Service Revenuee. Investment in Starbucks Corporation (to be held long-term)Accounts Receivableg. Equipmenth. Buildingsi. Notes Payable (due in 10 years)j.Unearned RevenueCash1. Accounts Payablem. Prepaid Rentn. Reed, Withdrawalso. Land (held for investment purposes)p. Depreciation ExpenseCategoryCurrent AssetsLong-term InvestmentsProperty, Plant, and EquipmentIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesOwner's EquityXW

Accounts receivables refer to the sum value of money due to a company from the buyer who purchased…

Account and (used in operations) cumulated Depreciation-Equipment bed, Capital ervice Revenue vestment in Starbucks Corporation (to be held long-term) counts Receivable quipment uildings otes Payable (due in 10 years) hearned Revenue ash counts Payable repaid Rent bed, Withdrawals and (held for investment purposes) preciation Expense Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets 2

Account and (used in operations) cumulated Depreciation-Equipment bed, Capital ervice Revenue vestment in Starbucks Corporation (to be held long-term) counts Receivable quipment uildings otes Payable (due in 10 years) hearned Revenue ash counts Payable repaid Rent bed, Withdrawals and (held for investment purposes) preciation Expense Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets 2

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13MC: Which of the following represents an event that is less routine when accounting for long-term...

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For each account listed, identify the category in which it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Owner's Equity. If the item does not belong on the classified balance sheet, put an X. Account Category а. Land (used in operations) b. Accumulated Depreciation-Equipment c. Reed, Capital d. Service Revenue е. Investment in Starbucks Corporation (to be held long-term) f. Accounts Receivable g. Equipment h. Buildings i. Notes Payable (due in 10 years) j. Unearned Revenue k. Cash I. Accounts Payable m. Prepaid Rent n. Reed, Withdrawals o. Land (held for investment purposes) p. Depreciation Expense
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets Current LiabilitiesLong-Term Liabilities, and EquityFor each of the following items, Identify the balance sheet category where the item typically would best appearIf an item does not appear on the balance sheetIndicate that instead.
Intangible assets are often combined with_______________assets for measurement and recognition in the financial statements. a.Tangible b.Quick c.All the options d.Current
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
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