Q7.financial position.Assume that Masters Enterprises uses the following headings on its statement ofItem Account headings(f) Non-current liabilities.(a)Investments.(g) Current liabilities.(b)Property, plant, and equipment.(h) Share capital.(c)Intangible assets.(i)Share premium.(d)Other assets.(j) Retained earnings.(e)Current assets.(k) Accumulated other comprehensive income.InstructionsIndicate by letter how each of the following usually should be classified. If an item shouldappear in a note to the financial statements, use the letter "N" to indicate this fact. If an itemneed not be reported at all on the statement of financial position, use the letter "X."Example:1.Prepaid insurance.Current Asset2.Investments in non-consolidated subsidiaries3.Investments in the associated companies.4.wasting resources (minerals)5.Construction in progress6.trade names7.customer lists8.Raw materials9.Work in process10.Finished goods11.Spare parts

Balance sheet is classified into Equity, liability and assets with various sub-head. Items that…

Q7. financial position. Assume that Masters Enterprises uses the following headings on its statement of Item Account headings (f) Non-current liabilities. (a) Investments. (g) Current liabilities. (b) Property, plant, and equipment. (h) Share capital. (c) Intangible assets. (i) Share premium. (d) Other assets. (i) Retained earnings. (e) Current assets. (k) Accumulated other comprehensive income. 2

Q7. financial position. Assume that Masters Enterprises uses the following headings on its statement of Item Account headings (f) Non-current liabilities. (a) Investments. (g) Current liabilities. (b) Property, plant, and equipment. (h) Share capital. (c) Intangible assets. (i) Share premium. (d) Other assets. (i) Retained earnings. (e) Current assets. (k) Accumulated other comprehensive income. 2

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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E5.2B (L0 1,2) (Classification of Balance Sheet Accounts) Presented below are the captions of Chan Company’s balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Non-current liabilities. (c) Property, plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Additional paid-in capital. (e) Other assets. (j) Retained earnings. Instructions Indicate by letter where each of the following items would be classified. 1. Cash surrender value of life insurance. 11. Trading securities. 2. Prepaid insurance. 12. Preferred stock. 3. Taxes payable. 13. Allowance for doubtful accounts. 4. Bonds payable. 14. Accounts receivable. 5. Notes payable (due next year). 15. Goodwill. 6. Bond sinking fund. 16. Current portion of long-term debt. 7. Common stock. 17. Wages payable. 8. Merchandise inventory. 18. Buildings. 9. Office supplies. 19.…
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select the item that best completes each of the decriptions below A(n)____ is a record of increases and decreases in a spefic asset, liability, equity, revenues, or expenses items. A(n)____ is a resource owned or controlled by a company A common stock and dividendes are examples of___ accounts A(n)____ is a obilgations to transfer assets to others ___ are people and organziations that are entitlied to recieve payments from a company
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prepare a common - size Consolidated Statements of Operations ( balance sheet)