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 Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings 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.) Interest Payable __ 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 (which will be used to retire bonds in 10 years) __ Supplies __ Machinery __ Land (used in operations) __ Deferred Revenue (for 2022) __ Copyrights __ Common Stock __ Land (held for speculation) __ Cash equivalents __ Salaries Payable __
Which of the following describes how assets are listed onthe balance sheet?a. In alphabetical order.b. In order of magnitude, lowest value to highestvalue.c. In the order they will be used up or turned intocash.d. From least current to most current
Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer.. Balance Sheet Classification a. Current assets. g. Long-term liabilities. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. i. Retained earnings. d. Intangible assets. j. Accumulated other comprehensive income. e. Other assets. k. Noncontrolling interests. f. Current liabilities. Balance Sheet Item Classification Contra account 1. Accumulated depreciation. Answer Answer 2. Bonds payable (due in 10 years). Answer Answer 3. Accounts payable (trade). Answer Answer 4. Investment in stock of another company (long-term holding). Answer Answer 5. Land (in use). Answer Answer 6.…
Distinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as: B . an unclassifi ed balance sheet
The following classification scheme typically is used in the preparation of 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. Contributed capital i. Retained earnings Required: Using the letters above and the format below, indicate the balance sheet category from the dropdown listing in which an entity typically would place each of the following items. Contra accounts should be indicated by the corresponding dropdown choice shown with parentheses. (If an Item relates to more than one balance sheet category, select the dropdown option that represents all applicable categories.) 1. Long-term receivables 2. Accumulated amortization 3. Current maturities of long-term debt 4. Notes payable (short-term) 5. Accrued payroll taxes 6. Leasehold improvements 7. 8. Machinery 9. Common stock 10. Short-term investments 11. Deferred tax liability Retained earnings appropriated for…
Identify the asset from the following list of accounts:a. Notes Payableb. Common Stockc. Retained Earningsd. Inventory
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Explain the following measurement bases of the elements of financial statements andindicate how assets and liabilities are measured in each case:i. Historical cost ii. Current cost iii. Realisable value