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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1. …. .…….Prepaid insurance 2. ……….. Note payable due in three months 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in use
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