Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 4, Problem 3AP
To determine
Enter the letter of its
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The following are the typical classifications used in a balance sheet:
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
a.
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
10. ſa
Inventory
ces
2. t
Accounts payable
11.
Patent
3. lа
Allowance for uncollectible accounts
Land (used in operations)
a
12.
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. f
Notes payable (due in 6 months)
16.
Building (used in operations)
8. i
vAccumulated amount of net income less dividends
17. a
Cash
9. b
Investment in XYZ…
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Classification
1. Long-term investment in stock Long-term investments
2. Depreciation expense-Building
3. Prepaid rent (2 months of rent)
4. Interest receivable
Current assets
5. Taxes payable (due in 5 weeks) Current liabilities
6. Automobiles
Plant assets
7. Notes payable (due in 3 years)
8. Accounts payable
9. Cash
10. Patents
Account Title
Long-term liabilities
Current liabilities
Current assets
Intangible assets
Account Title
11. Uneamed services revenue
12. Accumulated depreciation-Trucks
13. Prepaid insurance (expires in 5
months)
14. Buildings
15. Store supplies
16. Office equipment
17. Land
18. Repairs expense
19. Office…
The following are the typical classifications used in a balance sheet:
a.
Current assets
f.
Current liabilities
b.
Investments
g.
Long-term liabilities
c.
Property, plant, and equipment
h.
Paid-in capital
d.
Intangible assets
i.
Retained earnings
e.
Other assets
Required:For each of the following 2021 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.)
Interest Payable __
Franchise __
Accumulated Depreciation __
Prepaid Insurance (for 2022) __
Bonds Payable (due in 10 years) __
Current Maturities of Long-Term Debt __
Notes Payable (due in 3 months) __
Long-Term Receivables __
Restricted Cash (which will be used to retire bonds in 10 years) __
Supplies __
Machinery __
Land (used in operations) __
Deferred Revenue (for 2022) __
Copyrights __
Common Stock __
Land (held for speculation) __
Cash equivalents __
Salaries Payable __
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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- Balance Sheet ClassificationA balance sheet contains the following classifications:(a) Current assets (g) Long-term debt(b) Investments (h) Other noncurrent liabilities(c) Property, plant, and equipment (i) Capital stock(d) Intangible assets (j) Additional paid-in capital(e) Other noncurrent assets (k) Retained earnings(f) Current liabilitiesIndicate by letter how each of the following accounts would be classified. Place a minus sign (–) for all accounts representing offset or contra balances. 1. Discount on Bonds Payable 2. Stock of Subsidiary Corporation 3. 12% Bonds Payable (due in 6 months)arrow_forwardThe 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 usearrow_forwardThe 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 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in usearrow_forward
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