Netflix, Inc. , is the world’s leading Internet subscription service for movies and TV shows. Thefollowing are several of the accounts included in a recent balance sheet:1. Accrued Liabilities2. Prepaid Rent3. Cash4. Common Stock5. Note Payable (long-term)6. Equipment7. Retained Earnings8. Accounts PayableRequired:1. Indicate how each account normally should be categorized on a classified balance sheet. UseCA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrentliability, and SE for stockholders’ equity.2. Indicate whether the account normally has a debit or credit balance.
Netflix, Inc. , is the world’s leading Internet subscription service for movies and TV shows. Thefollowing are several of the accounts included in a recent balance sheet:1. Accrued Liabilities2. Prepaid Rent3. Cash4. Common Stock5. Note Payable (long-term)6. Equipment7. Retained Earnings8. Accounts PayableRequired:1. Indicate how each account normally should be categorized on a classified balance sheet. UseCA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrentliability, and SE for stockholders’ equity.2. Indicate whether the account normally has a debit or credit balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Netflix, Inc. , is the world’s leading Internet subscription service for movies and TV shows. The
following are several of the accounts included in a recent
1. Accrued Liabilities
2. Prepaid Rent
3. Cash
4. Common Stock
5. Note Payable (long-term)
6. Equipment
7.
8. Accounts Payable
Required:
1. Indicate how each account normally should be categorized on a classified balance sheet. Use
CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent
liability, and SE for
2. Indicate whether the account normally has a debit or credit balance.
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