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 Classificationa. 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 ItemClassificationContra account1. Accumulated depreciation.AnswerAnswer2. Bonds payable (due in 10 years).AnswerAnswer3. Accounts payable (trade).AnswerAnswer4. Investment in stock of another company (long-term holding).AnswerAnswer5. Land (in use).AnswerAnswer6. Accumulated unrealized gain on foreign currency translation adjustment.AnswerAnswer7. Office supplies inventory.AnswerAnswer8. Restricted cash (release not expected for two years).AnswerAnswer9. Accumulated income less accumulated dividends.AnswerAnswer10. Deferred revenue (short-term).AnswerAnswer11. Bond sinking fund (to retire long-term bonds).AnswerAnswer12. Prepaid insurance.AnswerAnswer13. Accounts receivable (trade).AnswerAnswer14. Short-term investment.AnswerAnswer15. Allowance for doubtful accounts.AnswerAnswer16. Building (in use).AnswerAnswer17. Common stock (par $10).AnswerAnswer18. Interest revenue earned but not collected.AnswerAnswer19. Value of shares held by noncontrolling stockholders.AnswerAnswer20. Patent.AnswerAnswer21. Land, held for investment.AnswerAnswer22. Paid-in capital in excess of par—common stock.AnswerAnswer

The balance sheet is a report that summarizes all of an entity's assets, liabilities and equity as…

Answered: Use the letters a to k from the balance…

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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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

3. Accounts payable (trade).

Answer

4. Investment in stock of another company (long-term holding).

Answer

5. Land (in use).

Answer

6. Accumulated unrealized gain on foreign currency translation adjustment.

Answer

7. Office supplies inventory.

Answer

8. Restricted cash (release not expected for two years).

Answer

9. Accumulated income less accumulated dividends.

Answer

10. Deferred revenue (short-term).

Answer

11. Bond sinking fund (to retire long-term bonds).

Answer

12. Prepaid insurance.

Answer

13. Accounts receivable (trade).

Answer

14. Short-term investment.

Answer

15. Allowance for doubtful accounts.

Answer

16. Building (in use).

Answer

17. Common stock (par $10).

Answer

18. Interest revenue earned but not collected.

Answer

19. Value of shares held by noncontrolling stockholders.

Answer

20. Patent.

Answer

21. Land, held for investment.

Answer

22. Paid-in capital in excess of par—common stock.

Answer

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