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Classify each of the 22 balance sheet accounts into its most likely balance sheet classification a through k Balance Sheet Classification a. Current assets. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. & Retained earnings. d. Intangible assets. e. Other assets f. Current liabilities. Balance Sheet Item Long-term liabilities. Accumulated other comprehensive income. k. Noncontrolling interests 1. Preferred stock 2. Accrued salaries. 3. Long term receivable. 4. Cash surrender value of life insurance. 7. Interest payable 8. Work in process inventory. 9. Note payable, dua in 9 months. 5. Income tax payable. 6. Current maturities of 10 year bond payable. 13. Land (in use). 14. Dividends payable. 10. Copyrights 11. Accounts receivable-trade. 12. Accumulated depreciation equipment. 15. Note receivable (due in 2 years). 16. Customer deposits collected in advance. 17. Goodwill. 18. Land held for speculation 19. Prepaid insurance 16-month prepayment. 20. Accrued utilities expense. 21. Paid-in capital in excess of par-common stock h K K K

Classify each of the 22 balance sheet accounts into its most likely balance sheet classification a through k Balance Sheet Classification a. Current assets. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. & Retained earnings. d. Intangible assets. e. Other assets f. Current liabilities. Balance Sheet Item Long-term liabilities. Accumulated other comprehensive income. k. Noncontrolling interests 1. Preferred stock 2. Accrued salaries. 3. Long term receivable. 4. Cash surrender value of life insurance. 7. Interest payable 8. Work in process inventory. 9. Note payable, dua in 9 months. 5. Income tax payable. 6. Current maturities of 10 year bond payable. 13. Land (in use). 14. Dividends payable. 10. Copyrights 11. Accounts receivable-trade. 12. Accumulated depreciation equipment. 15. Note receivable (due in 2 years). 16. Customer deposits collected in advance. 17. Goodwill. 18. Land held for speculation 19. Prepaid insurance 16-month prepayment. 20. Accrued utilities expense. 21. Paid-in capital in excess of par-common stock h K K K

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Classify each of the 22 balance sheet accounts into its most likely balance sheet classification a through k Balance Sheet Classification a. Current assets. b. Investments. c. Property, plant, and equipment. L. Retained earnings. d. Intangible assets. e. Other assets. f. Current liabilities. 8. Long-term liabilities. h. Paid-in capital. j. Accumulated other comprehensive income. k. Noncontrolling interests Balance Sheet Item 1. Preferred stock 2. Accrued salaries. 3. Long term receivable. 4. Cash surrender value of life insurance. 5. Income tax payable. 6. Current maturities of 10-year bond payable. 7. Interest payable. 8. Work in process inventory. 13. Land (in use). 14. Dividends payable. 9. Note payable, due in 9 months. 10. Copyrights. 11. Accounts receivable-trade. 12. Accumulated depreciation equipment. 15. Note receivable (due in 2 years). 16. Customer deposits collected in advance. 17. Goodwill. 18. Land held for speculation. 19. Prepaid insurance 16-month prepayment. 8 f f C x + x # 20. Accrued utilities expense. f 21. Paid-in capital in excess of par-common stock h 47 4 1 47 4 € 4 f # b 42 ft 4 4
Transcribed Image Text:Classify each of the 22 balance sheet accounts into its most likely balance sheet classification a through k Balance Sheet Classification a. Current assets. b. Investments. c. Property, plant, and equipment. L. Retained earnings. d. Intangible assets. e. Other assets. f. Current liabilities. 8. Long-term liabilities. h. Paid-in capital. j. Accumulated other comprehensive income. k. Noncontrolling interests Balance Sheet Item 1. Preferred stock 2. Accrued salaries. 3. Long term receivable. 4. Cash surrender value of life insurance. 5. Income tax payable. 6. Current maturities of 10-year bond payable. 7. Interest payable. 8. Work in process inventory. 13. Land (in use). 14. Dividends payable. 9. Note payable, due in 9 months. 10. Copyrights. 11. Accounts receivable-trade. 12. Accumulated depreciation equipment. 15. Note receivable (due in 2 years). 16. Customer deposits collected in advance. 17. Goodwill. 18. Land held for speculation. 19. Prepaid insurance 16-month prepayment. 8 f f C x + x # 20. Accrued utilities expense. f 21. Paid-in capital in excess of par-common stock h 47 4 1 47 4 € 4 f # b 42 ft 4 4
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