Answered: Indicate in which section of the…

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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Indicate in which section of the balance sheets of each accounts I have to classified.

current assets CA

Noncurrent assets NCA

Current liabilities CL

Long term liabilities LTL

Stockholders; equity SHE

I already classified some accounts. Coul you check if I m right al help me with the rest please.

a. Prepaid Rent

b. Dividends Payables

c. Salaries Payable(CL)

d. Accumulated Depreciation: Equipment

e. Retained Earnings(SHE)

f. Mortgage Payable (due in 15 years)

g. Unearned Service Revenue(CL)

h. Accounts Receivbles (CA)

i. Land (CA)

j. Other supplies(CA)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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