FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 3PSA
Problem 4-3A Determining
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
| G. Equity | _______ |
| 1. | Long-term investment in stock_______ |
| 2. | Depreciation expense-Building_______ |
| 3. | Prepaid rent (2 months of rent)_______ |
| 4. | Interest receivable_______ |
| 5. | Taxes payable (due in 5 weeks)_______ |
| 6. | Automobiles_______ |
| 7. | Notes payable (due in 3 years)_______ |
| 8. | Accounts payable_______ |
| 9. | Cash_______ |
| 10. | Owner, Capital_______ |
| 11. | Unearned services revenue_______ |
| 12. | |
| 13. | Prepaid insurance (expires in 5 months)_______ |
| 14. | Buildings_______ |
| 15. | Store supplies_______ |
| 16. | Office equipment_______ |
| 17. | Land (used in operations)_______ |
| 18. | Repairs expense_______ |
| 19. | Office supplies_______ |
| 20. | Current portion of long-term note payable_______ |
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 12 of 20:
Select the best answer for the question.
12. Financial statements report financial data for either a period of time or for a particular date. Which of the following financial statements reports financial information for a particular date.
OA. Both the balance sheet and the income statement
OB. The cash flow statement
OC. The income statement
OD. The balance sheet
Mark for review (Will be highlighted on the review page)
Next Question >>
"
Question 3
Explain the following accounting terms used in the preparation and presentation of published financial statements:
Reserves
Earnings per share
Debenture interest
Share premium
95
Conceptual Framework
Information that is capable of making a difference in the
decisions made by users has this qualitative characteristic.
a. Relevance
b. Faithful representation
2.
c. Timeliness
d. Verifiability
3. When making materiality judgments, the overriding
consideration is
a. the ability of the item being judged to influence users'
decisions.
b. the size of the impact of the item being judged.
the characteristics of the item being judged.
C.
d. cand d
4. This qualitative characteristic is unique in the sense that it
necessarily requires at least two items.
a. Verifiability
b. Faithful representation
c. Timeliness
d. Comparability
5. Which of the following enhances the comparability of
information?
a. Making unlike things look alike.
b. Making like things look different.
c. Using different methods to account for similar
transactions from period to period.
d. Consistent application of accounting policies from period
to period.
6. Information has this qualitative…
Chapter 4 Solutions
FUND.ACCT.PRIN.
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 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 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 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. 2PSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4PSBCh. 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. 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. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- QUESTION 8 The journal entry required to record the receipt of dividends under the fair value method of accounting for investments includes a a. credit to dividend income. b. credit to the investment account. c. debit to retained earnings. d. debit to the investment account.arrow_forwardQUESTION 8: "Cash restricted for retirement of long-term debt" should be reported under which section of the statement of financial position? a. Non-current assets. b. Current assets. c. Non-current liabilities. d. Current liabilities.arrow_forwardQuestion 33 Credits always increase which accounts? Assets, Liabilities and Common Stock Liabilities, Revenues and Common Stock O Assets, Dividends, Expenses O Revenues, Liabilities and Dividendsarrow_forward
- Question: 7. Quick assets ratio or Quick ratio or Acid test ratio (need interpretation) Current assets – stock at end of period/current liabilities at end of periodarrow_forwardQUESTION 15 Cash Flow from Operations includes Income Statement information and changes in: O a. Current Asset and Current Liability accounts O b. Long Term Asset accounts Oc. Long Term Liability accounts O d. Stockholders' Equity accountsarrow_forwardClassified 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]arrow_forward
- 20 Accounting rules specify that assets on the balance sheet must be reported at current market value, because this is the valuation most useful to potential investors. Select one:TrueFalsearrow_forwardOn a classified statement of financial position, current assets are customarily listed? a. in the reverse order of liquidity O b. in alphabetical order O c. in the order of acquisition O d. with the largest dollar amounts firstarrow_forwardIn the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets E. Current liabilities B. Long-term investments F. Long-term liabilities C. Plant assets G. Equity D. Intangible assets 1. Commissions earned 2. Interest receivable 3. Long-term investment in stock 4. Prepaid insurance (4 months of rent) 5. Machinery 6. Notes payable (due in 15 years) 7. Copyrights 8. Current portion of long-term note payable 9. Accumulated depreciation—Trucks 10. Office equipment 11. Rent receivable 12. Salaries payable 13. Income taxes payable (due in 11 weeks) 14. Owner, Capital 15. Office supplies 16. Interest payable 17. Rent revenue 18. Notes receivable (due in 120 days) 19. Land (used in operations) 20. Depreciation expense—Trucksarrow_forward
- QUESTION 12 When using the indirect method to determine operating cash flows, how would the retirement of bonds payable at their maturity date be shown on the statement of cash flows? a. an investing activity b. not reported on the statement of cash flows c. a noncash investing and financing activity d. an operating activity e. a financing activityarrow_forward8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra assetarrow_forwardOn a classified statement of financial position, current assets are customarily listed? a. in the reverse order of liquidity b. in alphabetical order Oc. in the order of acquisition d. with the largest dollar amounts firstarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License