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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.
(j) Retained earnings.
(e)
Current assets.
(k) Accumulated other comprehensive income.
Instructions
Indicate by letter how each of the following usually should be classified. If an item should
appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item
need not be reported at all on the statement of financial position, use the letter "X."
Example:
1.
Prepaid insurance.
Current Asset
2.
Investments in non-consolidated subsidiaries
3.
Investments in the associated companies.
4.
wasting resources (minerals)
5.
Construction in progress
6.
trade names
7.
customer lists
8.
Raw materials
9.
Work in process
10.
Finished goods
11.
Spare parts](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F91e17445-e854-4a21-9894-56ecf61fe26c%2Fa915d60f-a2e8-492d-af7d-73d93e0b9d7b%2Fkw0kn2p_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
(j) Retained earnings.
(e)
Current assets.
(k) Accumulated other comprehensive income.
Instructions
Indicate by letter how each of the following usually should be classified. If an item should
appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item
need not be reported at all on the statement of financial position, use the letter "X."
Example:
1.
Prepaid insurance.
Current Asset
2.
Investments in non-consolidated subsidiaries
3.
Investments in the associated companies.
4.
wasting resources (minerals)
5.
Construction in progress
6.
trade names
7.
customer lists
8.
Raw materials
9.
Work in process
10.
Finished goods
11.
Spare parts
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