Indicate how each of the following items would be classified on a statement of financial position prepared at December 31, 2022. If a contra account, or any amount that is negative or opposite the normal balance, use the term with parentheses. 1. Accrued salaries and wages select a classification 2. Rental revenues for 3 months collected in advance select a classification 3. Land used as plant site select a classification 4. Equity securities classified as trading select a classification 5. Cash select a classification 6. Accrued interest payable due in 30 days select a classification 7. Share premium–preference shares select a classification 8. Warranty liability select a classification 9. Currency held in the cash register select a classification 10. Ordinary shares select a classification 11. Long-term debt covenants

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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Question

Indicate how each of the following items would be classified on a statement of financial position prepared at December 31, 2022. If a contra account, or any amount that is negative or opposite the normal balance, use the term with parentheses.

1.	Accrued salaries and wages	select a classification
2.	Rental revenues for 3 months collected in advance	select a classification
3.	Land used as plant site	select a classification
4.	Equity securities classified as trading	select a classification
5.	Cash	select a classification
6.	Accrued interest payable due in 30 days	select a classification
7.	Share premium–preference shares	select a classification
8.	Warranty liability	select a classification
9.	Currency held in the cash register	select a classification
10.	Ordinary shares	select a classification
11.	Long-term debt covenants