HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 4.18E
To determine
Concept Introduction: Classified
The category in which each of the given items is placed in a classified balance sheet.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
For each account listed, identify the category in which it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Owner's Equity. If the item does not belong on the classified
balance sheet, put an X.
Account
Category
а.
Land (used in operations)
b. Accumulated Depreciation-Equipment
c.
Reed, Capital
d. Service Revenue
е.
Investment in Starbucks Corporation (to be held long-term)
f.
Accounts Receivable
g. Equipment
h. Buildings
i.
Notes Payable (due in 10 years)
j.
Unearned Revenue
k. Cash
I.
Accounts Payable
m. Prepaid Rent
n. Reed, Withdrawals
o. Land (held for investment purposes)
p. Depreciation Expense
For each account listed, identify the category in which it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Owner's Equity. If the item does not belong on the classified balance sheet,
put an X.
Account
a. Land (used n operations)
b. Accumulated Depreciation-Equipment
c. Reed, Capital
d. Service Revenue
e. Investment in Starbucks Corporation (to be held long-term)
Accounts Receivable
g. Equipment
h. Buildings
i. Notes Payable (due in 10 years)
j.
Unearned Revenue
Cash
1. Accounts Payable
m. Prepaid Rent
n. Reed, Withdrawals
o. Land (held for investment purposes)
p. Depreciation Expense
Category
Current Assets
Long-term Investments
Property, Plant, and Equipment
Intangible Assets
Current Liabilities
Long-term Liabilities
Owner's Equity
X
W
Which of the following accounts would be included in the property, plant, and equipment category of the classified balance sheet?
a. Land held for investment
b. Accumulated Depreciation
c. Office Supplies
d. Mortgage Payable
Chapter 4 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - Prob. 2RQCh. 4 - What does the statement of retained earnings show?Ch. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - What are the steps in the closing process?Ch. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - List the steps of the accounting cycle.Ch. 4 - What is the current ratio, and how is it...Ch. 4 - What are reversing entries? Are they required by...Ch. 4 - Prob. 4.1SECh. 4 - Preparing a statement of retained earnings Refer...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts For each...Ch. 4 - Using the worksheet to prepare financial...Ch. 4 - Prob. 4.7SECh. 4 - Prob. 4.8SECh. 4 - Prob. 4.9SECh. 4 - Prob. 4.10SECh. 4 - Prob. 4.11SECh. 4 - Prob. 4.12SECh. 4 - Identifying accounts included on a post-dosing...Ch. 4 - Identifying steps in the accounting cycle Review...Ch. 4 - Prob. 4.15SECh. 4 - Prob. 4.16SECh. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Prob. 4.25ECh. 4 - Prob. 4.26ECh. 4 - Prob. 4.27ECh. 4 - Prob. 4.28ECh. 4 - Prob. 4.29APCh. 4 - Prob. 4.30APCh. 4 - Prob. 4.31APCh. 4 - Prob. 4.32APCh. 4 - Prob. 4.33APCh. 4 - Prob. 4.34APCh. 4 - Prob. 4.35BPCh. 4 - Prob. 4.36BPCh. 4 - Prob. 4.37BPCh. 4 - Prob. 4.38BPCh. 4 - Prob. 4.39BPCh. 4 - Prob. 4.40BPCh. 4 - Prob. 4.41CPCh. 4 - Prob. 4.42PSCh. 4 - Prob. 1COPCh. 4 - Prob. 2COPCh. 4 - Prob. 4.1CTEI
Knowledge Booster
Similar questions
- Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assetsarrow_forwardWhich of the following represents an event that is less routine when accounting for long-term assets? A. recording an asset purchase B. recording depreciation on an asset C. recording accumulated depreciation for an asset or asset category D. changing the estimated useful life of an assetarrow_forwardThe usual order for the asset subgroups of a classified balance sheet is: a. Long-term investments, current assets, plant assets, intangible assets. b. Current assets, prepaid expenses, long-term investments, intangible assets. c. Intangible assets, current assets, long-term investments, plant assets. d. Current assets, long-term investments, plant assets, intangible assets.arrow_forward
- Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assetsarrow_forwardWhich of the following accounts would be included in the property, plant, and equipment category of the classified balance sheet? Land held for investment Accumulated Depreciation Office Supplies Mortgage Payablearrow_forwardIn a classified balance sheet, assets are usually classified as: Choose current assets; long-term assets; property, plant, and equipment; and intangible assets. current assets; long-term investments; property, plant, and equipment; and common stock. current assets; long-term investments; tangible assets; and intangible assets. current assets; long-term investments; property, plant, and equipment; and intangible assets. ffocto d byarrow_forward
- Matching Type A. Intangible Assets B. Contra asset C. Allowance for doubtful Accounts D. Current liabilities E. Unearned Revenues F. Accumulated Depreciation G. Permanent Accounts H. Report Form I. Prepaid expenses J. Account Form Required: From the list of terms above, select the one that relates to each of the following statements: 1. The balance in this account is deducted from the cost of the related asset- equipment or buildings-to obtain book value. 2. It expects to settle the liability in its normal operating cycle. 3. A form of the SFP that shows asset accounts first and then liabilities and owner's equity accounts after. 4. Are those accounts that are presented under the assets portion of the SFP but are reductions to the company's assets. 5. This represents the estimated amount that the company may not be able to collect from delinquent customers. 6. A form of the SFP that shows assets on the left side and liabilities and owner's equity on the right side. 7. Their balances…arrow_forwardIntangible assets are often combined with_______________assets for measurement and recognition in the financial statements. a.Tangible b.Quick c.All the options d.Currentarrow_forwardWhat is the order in which assets are generally listed on a classified balance sheet? A) Current; property, plant, and equipment; intangible assets; long-term investments B) Current; long-term investments; property, plant, and equipment; intangible assets C) Current and long-term D) Current; property, plant, and equipment; long-term investments; intangible assetsarrow_forward
- Accumulated Depreciation appears on the... Select one: a. balance sheet in the long-term liabilities section b. income statement as an operating expense c. balance sheet in the property, plant, and equipment section d. balance sheet in the current assets sectionarrow_forwardWhat are the long-term assets which do not have any physical existence? A. Intangible Assets B. Tangible Assets C. Current Liabilities D. Current Assetsarrow_forwardWhich of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage