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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Cash dividends declared but not paid as of the statement of financial position date are reported as a. current liabilityb. deduction from Cashc. addition to Share Capitald. addition to Additional Paid-in Capital
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am. 104.
Illies Corporation's comparative balance sheet appears below: Beginning Balance Assets: Current assets Cash and cash equivalents. Accounts receivable. Inventory. Total current assets Property, plant, and equipment. Less accumulated depreciation. Net property, plant, and equipment. Total assets. Liabilities and Stockholders' Equity Current liabilities: Accounts payable. Accrued wages and salaries payable.. Accrued income taxes payable. Notes payable. Total current liabilities. Long-term debt. Deferred income taxes. Total liabilities Stockholders' equity: Common stock. Retained earnings. Ending Balance Select one: $ 40,000 19,000 O a. $7,000 O b. $40,000 O c. $29,000 O d. $33,000 67,000 126,000 123,000 358,000 339,000 156,000 132,000 202.000 $328,000 $ 33,000 21,000 69,000 $ 18,000 35,000 23,000 207.000 $330,000 23,000 103,000 22,000 102,000 Total stockholders' equity 126,000 124.000 Total liabilities and stockholders' equity.... $328,000 $330.000 $ 19,000 37,000 19,000 19,000 22,000…