Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights Classification

Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights Classification

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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following is a list of several accounts. Using the letters, A through K, indicate in which section of the statement of financial position each of the accounts would be classified. Place a check mark beside each item that is a contra-account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.
What is the proper classification of Prepaid Expense account? a.) Current Asset b.) Current Liabilities c.) Non-Current Assets d.) Non-Current Liabilities
For each of the following assets or liabilities, state whether it is current or non-current: Accounts Payable Cash Property, Plant, and Equipment Note Payable Inventory
QUESTION 10 Which of the following in accounts would be classified as current assets on the balance sheet? a. Accounts receivable, inventory, cash equivalents b. Pre-paid expenses, goodwill, long term investments C. Property, plant and equipment, inventory and goodwill d. Marketable securities, accounts payable, property plant and equipment
Journalize the selected transactions
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance sheet, indicate that instead. Account Title 1. Long-term investment in stock 2. Depreciation expense-Building 3. Prepaid rent (2 months of rent) 4. Interest receivable 5. Taxes payable (due in 5 weeks) 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Common stock Classification Account Title 11. Unearned services revenue 12. Accumulated depreciation-Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land (used in operations) 18. Repairs expense 19. Office supplies 20. Current portion of long-term note payable Classification
The following classification scheme typically is used in the preparation of a balance sheet: a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Contributed capital i. Retained earnings Required: Using the letters above and the format below, indicate the balance sheet category from the dropdown listing in which an entity typically would place each of the following items. Contra accounts should be indicated by the corresponding dropdown choice shown with parentheses. (If an Item relates to more than one balance sheet category, select the dropdown option that represents all applicable categories.) 1. Long-term receivables 2. Accumulated amortization 3. Current maturities of long-term debt 4. Notes payable (short-term) 5. Accrued payroll taxes 6. Leasehold improvements 7. 8. Machinery 9. Common stock 10. Short-term investments 11. Deferred tax liability Retained earnings appropriated for…
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The following are classified as current liabilities on the balance sheet: Inventory, Short-term Debt, and Deferred Revenue. Short-term Debt, Accounts Payable, and Deferred Revenue. Sales Taxes Payable, Current Operating Lease Liabilities, and Common Stock. Short-term Debt, Income Taxes Payable, and Land.