The following are the typical classifications used in a balance sheet a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets. e. Other assets Required: For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 2 f. Current liabilities 8. Long-term liabilities, h. Paid-in capital 1. Retained earnings 3. 4. 5. 6. 7 8 9 Interest payable (due in 3 months) Franchise Accumulated depreciation Prepaid insurance (for 2022) Bonds payable (due in 10 years) Current maturities of long-term debt Notes payable (due in 3 months) Long-term receivables Restricted cash (will be used to retire bonds in 10 years) 10 11 12 13 14. 15 16 17 18 Supplies Machinery Land (used in operations) Deferred revenue (for 2022) Copyrights Common stock Land (held for speculation) Cash equivalents Salaries payable
The following are the typical classifications used in a balance sheet a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets. e. Other assets Required: For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 2 f. Current liabilities 8. Long-term liabilities, h. Paid-in capital 1. Retained earnings 3. 4. 5. 6. 7 8 9 Interest payable (due in 3 months) Franchise Accumulated depreciation Prepaid insurance (for 2022) Bonds payable (due in 10 years) Current maturities of long-term debt Notes payable (due in 3 months) Long-term receivables Restricted cash (will be used to retire bonds in 10 years) 10 11 12 13 14. 15 16 17 18 Supplies Machinery Land (used in operations) Deferred revenue (for 2022) Copyrights Common stock Land (held for speculation) Cash equivalents Salaries payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vipul k
Transcribed Image Text:The following are the typical classifications used in a balance sheet
a. Current assets
b. Investments
c. Property, plant, and equipment
d. Intangible assets.
e. Other assets
Required:
For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the
item is a contra account, select the appropriate letter with a minus sign.)
2
3.
4.
5.
6.
7
8
9
f. Current liabilities
8. Long-term liabilities
h. Paid-in capital
1. Retained earnings
Interest payable (due in 3 months)
Franchise
Accumulated depreciation
Prepaid insurance (for 2022)
Bonds payable (due in 10 years)
Current maturities of long-term debt
Notes payable (due in 3 months)
Long-term receivables
Restricted cash (will be used to retire bonds in 10 years)
10
11
12
13
14.
15,
16
17
18
Supplies
Machinery
Land (used in operations)
Deferred revenue (for 2022)
Copyrights
Common stock
Land (held for speculation)
Cash equivalents
Salaries payable
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education