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

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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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.
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