(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts Receivable Buildings Accumulated Depreciation—Buildings Cash (in bank) Accumulated Depreciation—Equipment Cash (on hand) Accumulated Other Comprehensive Income Cash Surrender Value of Life Insurance Advances to Employees Commission Expense Advertising Expense Common Stock Allowance for Doubtful Accounts Interest Receivable Bond Sinking Fund Inventory—Beginning Bonds Payable Inventory—Ending Land Prepaid Rent Land for Future Plant Site Purchase Returns and Allowances Loss from Flood Purchases Notes Payable (due next year) Retained Earnings Paid-in Capital in Excess of Par—Preferred Stock Salaries and Wages Expense (sales) Patents Salaries and Wages Payable Payroll Taxes Payable Sales Discounts Pension Liability Sales Revenue Petty Cash Treasury Stock (at cost) Preferred Stock Unearned Subscriptions Revenue Premium on Bonds Payable Instructions Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)
(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts Receivable Buildings Accumulated Depreciation—Buildings Cash (in bank) Accumulated Depreciation—Equipment Cash (on hand) Accumulated Other Comprehensive Income Cash Surrender Value of Life Insurance Advances to Employees Commission Expense Advertising Expense Common Stock Allowance for Doubtful Accounts Interest Receivable Bond Sinking Fund Inventory—Beginning Bonds Payable Inventory—Ending Land Prepaid Rent Land for Future Plant Site Purchase Returns and Allowances Loss from Flood Purchases Notes Payable (due next year) Retained Earnings Paid-in Capital in Excess of Par—Preferred Stock Salaries and Wages Expense (sales) Patents Salaries and Wages Payable Payroll Taxes Payable Sales Discounts Pension Liability Sales Revenue Petty Cash Treasury Stock (at cost) Preferred Stock Unearned Subscriptions Revenue Premium on Bonds Payable Instructions Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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(Preparation of a Classified
Accounts Receivable
Buildings
Cash (in bank)
Accumulated Depreciation—Equipment
Cash (on hand)
Accumulated Other Comprehensive Income
Cash Surrender Value of Life Insurance
Advances to Employees
Commission Expense
Advertising Expense
Common Stock
Allowance for Doubtful Accounts
Interest Receivable
Bond Sinking Fund
Inventory—Beginning
Bonds Payable
Inventory—Ending
Land
Prepaid Rent
Land for Future Plant Site
Purchase Returns and Allowances
Loss from Flood
Purchases
Notes Payable (due next year)
Retained Earnings
Paid-in Capital in Excess of Par—Preferred Stock
Salaries and Wages Expense (sales)
Patents
Salaries and Wages Payable
Payroll Taxes Payable
Sales Discounts
Pension Liability
Sales Revenue
Petty Cash
Treasury Stock (at cost)
Preferred Stock
Unearned Subscriptions Revenue
Premium on Bonds Payable
Instructions
Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)
Transcribed Image Text:## Problems
### P4.1 (LO 1) (Preparation of a Classified Balance Sheet, Periodic Inventory)
Presented below is a list of accounts in alphabetical order:
- Accounts Receivable
- Accumulated Depreciation—Buildings
- Accumulated Depreciation—Equipment
- Accumulated Other Comprehensive Income
- Advances to Employees
- Advertising Expense
- Allowance for Doubtful Accounts
- Bond Sinking Fund
- Bonds Payable
- Land
- Land for Future Plant Site
- Loss from Flood
- Notes Payable (due next year)
- Paid-in Capital in Excess of Par—Preferred Stock
- Patents
- Payroll Taxes Payable
- Pension Liability
- Petty Cash
- Preferred Stock
- Premium on Bonds Payable
- Buildings
- Cash (in bank)
- Cash (on hand)
- Cash Surrender Value of Life Insurance
- Commission Expense
- Common Stock
- Interest Receivable
- Inventory—Beginning
- Inventory—Ending
- Prepaid Rent
- Purchase Returns and Allowances
- Purchases
- Retained Earnings
- Salaries and Wages Expense (sales)
- Salaries and Wages Payable
- Sales Discounts
- Sales Revenue
- Treasury Stock (at cost)
- Unearned Subscriptions Revenue
### Instructions
Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)
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This problem requires the preparation of a classified balance sheet using the list of accounts provided. Such a balance sheet categorizes accounts under headings such as assets, liabilities, and equity.
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