Exercise 3-2 (Static) Balance sheet classification [LO3-2, 3-3] The following are the typical classifications used in 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. Paid-in capital i. Retained earnings 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. 2. 3. 4. 5. 6. 7. 8. 9. Equipment Accounts payable Allowance for uncollectible accounts Land (held for investment) Notes payable (due in 5 years) Deferred revenue (for the next 12 months) Notes payable (due in 6 months) Accumulated amount of net income less dividends Investment in XYZ Corp. (long-term) 10. 11. 12. 13. 14. 15. 16. 17. 18. Inventory Patent Land (used in operations) Accrued liabilities (due in 6 months) Prepaid rent (for the next 9 months) Common stock Building (used in operations) Cash Income taxes payable
Exercise 3-2 (Static) Balance sheet classification [LO3-2, 3-3] The following are the typical classifications used in 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. Paid-in capital i. Retained earnings 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. 2. 3. 4. 5. 6. 7. 8. 9. Equipment Accounts payable Allowance for uncollectible accounts Land (held for investment) Notes payable (due in 5 years) Deferred revenue (for the next 12 months) Notes payable (due in 6 months) Accumulated amount of net income less dividends Investment in XYZ Corp. (long-term) 10. 11. 12. 13. 14. 15. 16. 17. 18. Inventory Patent Land (used in operations) Accrued liabilities (due in 6 months) Prepaid rent (for the next 9 months) Common stock Building (used in operations) Cash Income taxes payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 3-2 (Static) Balance sheet classification [LO3-2, 3-3]
The following are the typical classifications used in 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. Paid-in capital
i. Retained earnings
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.
2.
3.
4.
5.
6.
7.
8.
9.
Equipment
Accounts payable
Allowance for uncollectible accounts
Land (held for investment)
Notes payable (due in 5 years)
Deferred revenue (for the next 12 months)
Notes payable (due in 6 months)
Accumulated amount of net income less dividends
Investment in XYZ Corp. (long-term)
10.
11.
12.
13.
14.
15.
16.
17.
18.
Inventory
Patent
Land (used in operations)
Accrued liabilities (due in 6 months)
Prepaid rent (for the next 9 months)
Common stock
Building (used in operations)
Cash
Income taxes payable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1de229ca-d610-4e0a-8ba8-f4b8dab4ff7a%2Fa02df7a1-5872-417d-9269-88889cf1b72c%2Fwuntmle_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 3-2 (Static) Balance sheet classification [LO3-2, 3-3]
The following are the typical classifications used in 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. Paid-in capital
i. Retained earnings
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.
2.
3.
4.
5.
6.
7.
8.
9.
Equipment
Accounts payable
Allowance for uncollectible accounts
Land (held for investment)
Notes payable (due in 5 years)
Deferred revenue (for the next 12 months)
Notes payable (due in 6 months)
Accumulated amount of net income less dividends
Investment in XYZ Corp. (long-term)
10.
11.
12.
13.
14.
15.
16.
17.
18.
Inventory
Patent
Land (used in operations)
Accrued liabilities (due in 6 months)
Prepaid rent (for the next 9 months)
Common stock
Building (used in operations)
Cash
Income taxes payable
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