How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (e) Employee payroll deductions unremitted. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (f) Unpaid bonus to officers. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (g) Deposit received from customer to guarantee performance of a contract. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (h) Sales taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (i) Gift certificates sold to customers but not yet redeemed. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (j) Premium offers outstanding. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (k) Discount on notes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (l) Personal injury claim pending (assume not probable and/or not reasonably estimable). select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (m) Current maturities of long-term debts to be paid from current assets. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (n) Cash dividends declared but unpaid. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (o) Dividends in arrears on preferred stock. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (p) Loans from officers
How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (e) Employee payroll deductions unremitted. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (f) Unpaid bonus to officers. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (g) Deposit received from customer to guarantee performance of a contract. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (h) Sales taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (i) Gift certificates sold to customers but not yet redeemed. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (j) Premium offers outstanding. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (k) Discount on notes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (l) Personal injury claim pending (assume not probable and/or not reasonably estimable). select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (m) Current maturities of long-term debts to be paid from current assets. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (n) Cash dividends declared but unpaid. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (o) Dividends in arrears on preferred stock. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (p) Loans from officers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Question
How would each of the following items be reported on the
Item
|
Reported on
|
|||
---|---|---|---|---|
(a) |
Accrued vacation pay.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(b) |
Estimated taxes payable.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(c) |
Service warranties on appliance sales.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(d) |
Bank overdraft.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(e) |
Employee payroll deductions unremitted.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(f) |
Unpaid bonus to officers.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(g) |
Deposit received from customer to guarantee performance of a contract.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(h) |
Sales taxes payable.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(i) |
Gift certificates sold to customers but not yet redeemed.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(j) |
Premium offers outstanding.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(k) |
Discount on notes payable.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(l) |
Personal injury claim pending (assume not probable and/or not reasonably estimable).
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(m) |
Current maturities of long-term debts to be paid from current assets.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(n) |
Cash dividends declared but unpaid.
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(o) |
Dividends in arrears on
|
select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity | ||
(p) |
Loans from officers.
|
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