Select the balance sheet category where the items given would best typically appear. Items Balance Sheet Category 1. Trademarks 2. Prepaid rent (expires in 3 weeks) 3. Wages Payable 4. Land held for future expansion 5. Accounts payable 6. Accounts receivable 7. Patents 8. Land used in operations
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- Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Trademarks 3. Cash 4. Patents 5. Interest receivable 6. Machinery 7. Prepaid rent (2 months of Rent) 8. Equipment 9. Repairs expense 10. Land Classification Account Title 11. Depreciation expense Building 12. Office equipment 13. Prepaid Insurance (expires in 5 months) 14. Buildings 15. Bonds payable (due in 10 years) 16. Trucks 17. Mortgages payable (due in 6 years) 18. Automobiles 19. Notes payable (due in 3 years) 20. Utilities expense ClassificationLO1 - Describe the specific elements of the balance sheet (assets, liabilities, and owners’ equity), and prepare a balance sheet with assets and liabilities properly classified into current and noncurrent categories. A balance sheet contains the following classifications: (a) Current assets (b) Investments (c) Property, plant, and equipment (d) Intangible assets (e) Other noncurrent assets (f) Current liabilities (g) Long-term debt (h) Other noncurrent liabilities (i) Capital stock (j) Additional paid-in capital (k) Retained earnings Indicate by letter how each of the following accounts would be classified. Place a minus sign (-) for all accounts representing offset or contra balances. Discount on Bonds Payable Stock of Subsidiary Corporation 3.12% Bonds Payable (due in six months) U.S. Treasury Bills Income Taxes Payable Sales Taxes Payable Estimated Claims under Warranties for Service and Replacements Par Value of Stock Issued and Outstanding Unearned Rent Revenue (six months…Matching Type A. Intangible Assets B. Contra asset C. Allowance for doubtful Accounts D. Current liabilities E. Unearned Revenues F. Accumulated Depreciation G. Permanent Accounts H. Report Form I. Prepaid expenses J. Account Form Required: From the list of terms above, select the one that relates to each of the following statements: 1. The balance in this account is deducted from the cost of the related asset- equipment or buildings-to obtain book value. 2. It expects to settle the liability in its normal operating cycle. 3. A form of the SFP that shows asset accounts first and then liabilities and owner's equity accounts after. 4. Are those accounts that are presented under the assets portion of the SFP but are reductions to the company's assets. 5. This represents the estimated amount that the company may not be able to collect from delinquent customers. 6. A form of the SFP that shows assets on the left side and liabilities and owner's equity on the right side. 7. Their balances…
- Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…Identify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements. Current Assets: _________ Noncurrent Assets: __________ Current Liabilities: _________ Noncurrent Liabilities: __________ Sales: __________ Expenses: ___________ Net Income (Loss): __________For each of the following assets or liabilities, state whether it is current or non-current: Accounts Payable Cash Property, Plant, and Equipment Note Payable Inventory
- The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent data found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs. А. Current assets В. Investments C. Property, plant, and equipment D. Intangible assets Е. Current liabilities F. Long-term liabilities G. Stockholders' equity Н. Not on the balance sheetIdentifying and Classifying Financial Statement Items For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (1). (a) Machinery (b) Supplies expense (c) Inventories (d) Sales (e) Common stock (f) Factory buildings (g) Receivables (h) Taxes payable (i) Taxes expense (i) Cost of goods sold (k) Long-term debt (1) Treasury stock ◆ ◆ ◆ ♦ ♦ ◆ ◆ ♦ ♦Classify each of the following accounts as to whether it appears on the income statement (IS), the balance sheet (BS) or owner’s equity statement (OE) _____1. Merchandise Inventory _____ 6. Int. Revenue ____11. Wales, Drawing _____2. Accumulated Depreciation—Truck _____ 7. Interest Receivable ____12. Wales, Capital _____3. Depreciation Expense _____ 8. Notes Receivable ____13. Sales Discounts _____4. Cost of Goods Sold _____ 9. Interest Expense ____14. Prepaid Insurance _____5. Unearned Revenue _____10. Freight Out _____15. Sales
- How is the account Land classified and what kind of balance should it have? Group of answer choices fixed, credit current asset, debit fixed, debit current asset, creditHere are selected 2028 transactions of Sheridan Car Rental Corporation. Jan. June Dec. 1 Retired a piece of equipment that was purchased on January 1, 2012. The equipment cost $46,000 and had a useful life of 10 years with no salvage value. 30 31 Sold equipment that was purchased on January 1, 2026. The equipment cost $68,400 and had a useful life of 3 years with no salvage value. The equipment was sold for $7,600 cash. Sold equipment for $11,700 cash. The equipment cost $41,000 when it was purchased on January 1, 2025 and was depreciated based on a 5-year useful life with a $2,300 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Sheridan Car Rental Corporation uses straight-line depreciation. Deprecation has been adjusted through December 31, 2027. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No…Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…