Q2 / a/ Suppose that an industrial company uses the following addresses in its balance sheet. (a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets . (f) Current liabilities. (g) Long-term liabilities. (h) Capital stock. (i) Paid-in capital in excess of par. 6) Retained earnings. Instructions explain how to classify each letter, which usually follows. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If it is not necessary to report an item at all in the balance sheet, use the letter "X". 1. Prepaid insurance. 2. Stock owned in affiliated companies. 3. Unearned service revenue.

Q2 / a/ Suppose that an industrial company uses the following addresses in its balance sheet. (a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets . (f) Current liabilities. (g) Long-term liabilities. (h) Capital stock. (i) Paid-in capital in excess of par. 6) Retained earnings. Instructions explain how to classify each letter, which usually follows. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If it is not necessary to report an item at all in the balance sheet, use the letter "X". 1. Prepaid insurance. 2. Stock owned in affiliated companies. 3. Unearned service revenue.

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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