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no Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Have all accounts been classified? Other assets Current Liabilities Long-term Liabilities Retained earnings Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No

no Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Have all accounts been classified? Other assets Current Liabilities Long-term Liabilities Retained earnings Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No

FINANCIAL ACCOUNTING
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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no Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Have all accounts been classified? Other assets Current Liabilities Long-term Liabilities Retained earnings Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No
Transcribed Image Text:no Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Have all accounts been classified? Other assets Current Liabilities Long-term Liabilities Retained earnings Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No
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