Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 4, Problem 9QS
Classifying
The following are common categories on a classified balance sheet.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
For each of the following items, select the letter that identifies the balance sheet category' where the item typically would best appear.
| 1. | Land held for future expansion |
| 2. | Notes payable (due in five years) |
| 3. | |
| 4. | Trademarks |
| 5. | Accounts payable |
| 6. | Store equipment |
| 7. | Wages payable |
| 8. | Cash |
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The following are common categories on a classified balance sheet. A. Current assets C. Plant assets E. Current liabilities B. Long-term investments D. Intangible assets F. Long-term liabilities For each of the following items, select the letter that identifies the balance sheet category where the item typically would best appear. 1. Land held for future expansion 5. Accounts payable 2. Notes payable (due in five years) 6. Store equipment 3. Accounts receivable 7. Wages payable 4. Trademarks 8. Cash
Classified Balance Sheet
Identify whether the proper classification for each account:
Accounts receivable [Select]
[ Select ]
Current Liabilities
Long-term Investments
Current Assets
Accounts payable
Property, Plant and Equipment
Equipment (Select ]
Mortgage payable [ Select )
Owner's capital [Select]
Stock Investments ISelect]
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.…
Chapter 4 Solutions
Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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