M2-4 Classifying Accounts on a Balance SheetLO2-1, 2-2The following are the accounts of Rosa-Perez Company:(1)Accounts Payable(2)Accounts Receivable(3)Buildings(4)Cash(5)(6)(7)(8)Common StockLandMerchandise InventoryIncome Taxes PayableLong-Term InvestmentsNotes Payable (due in three years)Notes Receivable (due in six months)Prepaid Rent(9)(10)(11)(12)(13)Retained Earnings(14)Supplies(15)Utilities Payable(16)Wages PayableIn the space provided, classify each as it would be reported on a balance sheet. Use:CA for current assetNCA for noncurrent assetSE for stockholders' equityCL for current liabilityNCL for noncurrent liability

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Description: M2-4 Classifying Accounts on a Balance SheetLO2-1, 2-2The following are the accounts of Rosa-Perez Company:(1)Accounts Payable(2)Accounts Receivable(3)Buildings(4)Cash(5)(6)(7)(8)Common StockLandMerchandise InventoryIncome Taxes PayableLong-Term Inv

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The following are the accounts of Rosa-Perez Company: (1) Accounts Payable (2) Accounts Receivable (3) Buildings (4) Cash (5) Common Stock (6) Land Merchandise Inventory Income Taxes Payable Long-Term Investments Notes Payable (due in three years) Notes Receivable (due in six months) (7) (8) (9) (10) (11) (12) Prepaid Rent (13) Retained Earnings (14) Supplies (15) Utilities Payable (16) Wages Payable In the space provided, classify each as it would be reported on a balance sheet. Use: CA for current asset NCA for noncurrent asset SE for stockholders' equity CL for current liability NCL for noncurrent liability

The following are the accounts of Rosa-Perez Company: (1) Accounts Payable (2) Accounts Receivable (3) Buildings (4) Cash (5) Common Stock (6) Land Merchandise Inventory Income Taxes Payable Long-Term Investments Notes Payable (due in three years) Notes Receivable (due in six months) (7) (8) (9) (10) (11) (12) Prepaid Rent (13) Retained Earnings (14) Supplies (15) Utilities Payable (16) Wages Payable In the space provided, classify each as it would be reported on a balance sheet. Use: CA for current asset NCA for noncurrent asset SE for stockholders' equity CL for current liability NCL for noncurrent liability

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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