Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 3EA
The lettered items that follow represent a classification scheme for a balance sheet, and the numbered items in the list are account titles. Match each account with the letter of the category in which it belongs.
- a. Current liabilities
- b. Owner’s equity
- c. Current assets
- d. Intangible assets
- e. Property, plant, and equipment
- f. Investments
- g. Long-term liabilities
- h. Not on balance sheet
- 1. Patent
- 2. Building Held for Sale
- 3. Prepaid Rent
- 4. Wages Payable
- 5. Note Payable in Five Years
- 6. Building Used in Operations
- 7. Fund Held to Pay Off Long-Term Debt
- 8. Inventory
- 9. Prepaid Insurance
- 10. Depreciation Expense
- 11.
Accounts Receivable - 12. Interest Expense
- 13. Unearned Revenue
- 14. Short-Term Investments
- 15.
Accumulated Depreciation - 16. Owner’s Capital
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Students have asked these similar questions
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
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.
Account Title
1. Notes receivable (due in 2 years)
2. Trademarks
3. Cash
4. Patents
5. Interest receivable
6. Machinery
7. Prepaid rent (2 months of Rent)
8. Equipment
9. Repairs expense
10. Land
Classification
Account Title
11. Depreciation expense Building
12. Office equipment
13. Prepaid Insurance (expires in 5 months)
14. Buildings
15. Bonds payable (due in 10 years)
16. Trucks
17. Mortgages payable (due in 6 years)
18. Automobiles
19. Notes payable (due in 3 years)
20. Utilities expense
Classification
Chapter 5 Solutions
Principles of Accounting
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 1SECh. 5 - Prob. 2SECh. 5 - Tell whether each of the following accounts is a...
Ch. 5 - Prob. 4SECh. 5 - Prob. 5SECh. 5 - Prob. 6SECh. 5 - Prob. 7SECh. 5 - The lettered items that follow represent a...Ch. 5 - Each of the statements that follow violates one or...Ch. 5 - The lettered items that follow represent a...Ch. 5 - Prob. 4EACh. 5 - Prob. 5EACh. 5 - Prob. 6EACh. 5 - Prob. 7EACh. 5 - Prob. 8EACh. 5 - Prob. 1PCh. 5 - The information that follows is from Jasons...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5APCh. 5 - The information that follows is from Matts...Ch. 5 - Prob. 7APCh. 5 - The information that follows is from Rodriguezs...Ch. 5 - Prob. 1CCh. 5 - Prob. 2CCh. 5 - Prob. 3CCh. 5 - Prob. 4CCh. 5 - Prob. 5C
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