The following are the typical classifications used in a balance sheet:Current assetsb. Investmentsc. Property, plant, and equipmentd. Intangible assetse. other assetsf. Current liabilitiesg. Long-term liabilitiesh. Paid-in capitali. Retained earningsa.Required:For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is acontra account, select the appropriate letter with a minus sign.)1. CEquipment10. ſaInventoryces2. tAccounts payable11.Patent3. lаAllowance for uncollectible accountsLand (used in operations)a12.4. bLand (held for investment)13.Accrued liabilities (due in 6 months)5. gNotes payable (due in 5 years)14.Prepaid rent (for the next 9 months)6.Deferred revenue (for the next 12 months)15. hCommon stock7. fNotes payable (due in 6 months)16.Building (used in operations)8. ivAccumulated amount of net income less dividends17. aCash9. bInvestment in XYZ Corp. (long-term)18. 1Income taxes payableACrawill

The balance sheet represents the financial position of the business with assets and liabilities on a…

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 f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings Required: For each of the following 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.) 1. [c Equipment Accounts payable ces 10. [a Inventory 2. 11. Patent 3. a Allowance for uncollectible accounts 12. Land (used in operations) 4. b Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. g Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. h Common stock 7. Notes payable (due in 6 months) 16. Building (used in operations) 8. 1 -Accumulated amount of net income less dividends 17. la Cash 9. b Investment in XYZ Corp. (long-term) 18. 1 Income taxes payable AC raw

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 f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings Required: For each of the following 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.) 1. [c Equipment Accounts payable ces 10. [a Inventory 2. 11. Patent 3. a Allowance for uncollectible accounts 12. Land (used in operations) 4. b Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. g Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. h Common stock 7. Notes payable (due in 6 months) 16. Building (used in operations) 8. 1 -Accumulated amount of net income less dividends 17. la Cash 9. b Investment in XYZ Corp. (long-term) 18. 1 Income taxes payable AC raw

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Allowance for uncollectible account falls under what classification in a balance sheet? Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: What are the two categories of liabilities reported on the balance sheet? Provide examples of each.

Q: The acid-test ratio is: A) current assets divided by current liabilities B) cash and current…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…

Q: What goes under assets and what goes under liablilities for a balance sheet? Wanting specific list…

A: A balance sheet is a financial statement that reports a company's assets, liabilities and…

Q: How do you create a common size balance sheet with all assets as a percentage of total assets

A: Common size statement analysis, as the name suggests, first converts the financial statement as a…

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: Indicate how the accounts normally should be categorized on a classified balance sheet. Also…

A: The balance sheet is one of the important financial statements of the business. It tells about the…

Q: When conducting common-size balance sheet analysis, each item is expressed as a percentage of A)…

A: Common-size financial statement analysis is a method of finding out the relative health of the…

Q: Fixed assets are reported on the balance sheet at their "net book values." Do these amounts…

A: As a normal practice assuming going concern approach, the company records it assets at book value or…

Q: Notes Payable is a(n) and is reported on the A. Asset; Income Statement B. Liability; Balance Sheet…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: Fixed assets are reported on the balance sheet at their "net book values." Do these amounts…

A: Solution: Fixed assets are reported on the balance sheet at their net book values which is computed…

Q: The Balance-Sheet identity is (circle ALL that apply. Think of different ways to present this…

A: Balance-sheet is one of the most important financial indicators and essential financial statement…

Q: Eypically would best appear. If an item Account Title Classification 1. Long-term investment in…

A: 1. Long term investment in stock: It is a long term investment as the name suggests.2.…

Q: Which of the following are examples of subsections found on a classified balance sheet? O a.…

A: Answer - A classified balance sheet is a financial statement with classifications like current…

Q: What is unique about reporting current assets? Current assets are reported after they are converted…

A: Current assets can be exchanged for cash within a year.

Q: Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses;…

A: The value of financial instruments, such as debt securities, that are traded or sold is sometimes…

Q: Use the following information from XYZ Company's balance sheet to answer the next six questions:…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Assets and liablities are classified on the balance sheet into correct and long-term categories in…

A: A balance sheet is a statement that shows the financial positions of the business organization. The…

Q: I have a question about the Balance Sheet. Is it true that there are two formats (Account Form and…

A: There are two ways of drawing Balance Sheet as under:Report form: The report form of preparing…

Q: Indicate where each of the following items is reported on financial statements. Choose from the…

A: Financial statement: Financial statements are condensed summary of transactions communicated in…

Question

The following are the typical classifications used in a balance sheet:
Current assets
b. Investments
c. Property, plant, and equipment
d. Intangible assets
e. other assets
f. Current liabilities
g. Long-term liabilities
h. Paid-in capital
i. Retained earnings
a.
Required:
For each of the following 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.)
1. C
Equipment
10. ſa
Inventory
ces
2. t
Accounts payable
11.
Patent
3. lа
Allowance for uncollectible accounts
Land (used in operations)
a
12.
4. b
Land (held for investment)
13.
Accrued liabilities (due in 6 months)
5. g
Notes payable (due in 5 years)
14.
Prepaid rent (for the next 9 months)
6.
Deferred revenue (for the next 12 months)
15. h
Common stock
7. f
Notes payable (due in 6 months)
16.
Building (used in operations)
8. i
vAccumulated amount of net income less dividends
17. a
Cash
9. b
Investment in XYZ Corp. (long-term)
18. 1
Income taxes payable
AC
raw
ill

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!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Step 3 Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following accounts belongs in the liability section of a balance sheet? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a interest expense b accumulated depreciation U accounts payable d preferred stock
what are the three sections for debits, credits, and total. Here is a picture with an empy cells for what it should look like. The blue cells should be from the chart of accounts
Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D. prepaid expensses
The balance sheet account that is usually reported at its fair market value is: a. Short-term marketable securities b. Accounts receivable c. Current liabilities d. Inventory
B4.
review the picture below and correct any lines that involve formulas and add any lines that arent highlighted that need formulas by adding forumlas where they are needed
The monetary value of the net assets is reported at its historical cost on the balance sheet? a. physical capital b. excess capital c. net capital d. financial capital
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 Classification
LO1 - 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…
Which of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statement
On the Statement of Financial Position, which of the following is true? Group of answer choices A. Assets and Liabilities are reported as totals, and Net Assets are reported by unrestricted and restricted classifications. B. Liabilities are reported as a total, and Assets and Net Assets are reported by unrestricted and restricted classifications. C. Assets, Liabilities, and Net Assets are reported by unrestricted and restricted classifications. D. Assets are reported as a total, and Liabilities and Net Assets are reported by unrestricted and restricted classifications.
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 sheet