Homework Answers
| Sr. No. | Answer | Decription |
| 1 | a | Account receivable (This is a curent assets Account) |
| 2 | (A) | Allowance for doubtfull accounts (This is a current assets classified as a contra asset account) |
| Test Questions: | ||
| 1 | X | Bond Sinking fund (This is a non current assets which are made for retire of long term borrowings) |
| 2 | d | Goodwill (This is an intangible Assets) |
| 3 | f | Bonds payable (due in 10 years) (This is an long term liabilities) |
| 4 | ('C) | Accumulated Depreciation (This is an plant and equipment and classified as contra fixed assets) |
| 5 | g | Common Stock (This is claassified as Stockholder's Equity) |
| 6 | (g) | Treasury Stock (This is a portion of Stockholder's equity and claasified as contra stockholder's equity) |
| 7 | e | Commercial paper - 120 days maturity (This is classifed as current liabilities) |
| 8 | d | Patents (This is classified as intangible Assets) |
| 9 | b | Land held for sale (This is classified as investment) |
| 10 | g | Accumulated Other Comprehensive income credit Balance (This is classified in stockholder's Equty |
| 11 | g | Other Comprehensive income (This is classified in stockholder's Equty) |
| 12 | X | Restructuring cost (This is an expenses and classified in given heads) |
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2. The various classifications listed below have been used in the past by Lowe Company on...
Exercise 5-Balance sheet classifications. (15 points) PLEASE ANSWER BELOW The various classifications listed below have been...
Exercise 5-Balance sheet classifications. (15 points) PLEASE ANSWER BELOW The various classifications listed below have been used in the past by Rogers Company on its balance sheet. It asks your professional opinion concerning the appropriate classification of each of the items below. a. Current Assets e. Current Liabilities b. Long Term Investments f. Long-Term Liabilities c. Plant and Equipment Common Stock and Paid-in Capital in Excess of d. Intangible Assets h. Retained Earnings Indicate by letter how each of the...
PLEASE READ INSTRUCTIONS CAREFULLY Problem 3: Balance sheet classifications. Typical balance sheet classifications are as follows....
PLEASE READ INSTRUCTIONS CAREFULLY
Problem 3: Balance sheet classifications. Typical balance sheet classifications are as follows. a. Current Assets g. Long-Term Liabilities b. Investments h. Capital Stock C. Plant Assets i. Additional Paid-In Capital d. Intangible Assets j. Retained Earnings e. Other Assets k. Notes to Financial Statements f. Current Liabilities 1. Not Reported on Balance Sheet Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December...
Balance Sheet Classifications The following are the typical classifications used in a balance sheet: a) Current...
Balance Sheet Classifications 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 balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account (valuation account), place a minus sign before the chosen letter. 10. 1....
Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided...
Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer.. Balance Sheet Classification a. Current assets. g. Long-term liabilities. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. i. Retained earnings. d. Intangible assets. j....
143 CHAPTER 3 The Balance Sheet and Financial Disclosures The following are the typical classifications used...
143 CHAPTER 3 The Balance Sheet and Financial Disclosures 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 balance sheet items, use the letters above to indicate the appropriate classification cate- gory. If the item is a contra account, place a minus sign before...
The following are the typical classifications used in a balance sheet: b. Current assets Investments Property,...
The following are the typical classifications used in a balance sheet: b. Current assets Investments Property, plant, and equipment Intangible assets Other assets f. Current liabilities Long-term liabilities h. Paid-in capital i. Retained earnings d. 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. 10. 2. 11. 3. 12. 4. 13. 5. Equipment Accounts...
FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019....
FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Account Title: Balance: Account Title: Balance: Accounts Payable 18,100 Interest Payable 700 Accounts Receivable 17,400 Land 25,000 Accum. Depr. - Bldngs. 54,000 Maintenance Revenue 65,000 Accum. Depr. - Equipment 39,000 Notes Payable (25-year) 40,000 Advertising Expense 16,800 Notes Payable (30-day) 2,500 Buildings 110,000 Prepaid Insurance 3,600 Cash 31,200 Repair Revenue 85,000...
please complete both tables Check my work a. Current assets b. Investments c. Property, plant, and...
please complete both tables
Check my work 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.) nces Equipment Accounts payable Allowance for uncollectible accounts Land (hold for...
For each account listed, identify the category that it would appear on a classified balance sheet....
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Properly, Plant, and Equipment; Intangible Assets; Current Liabilities: Long- term Liabilities, and Stockholders' Equity. If the item does not belong on the classified balance sheet, put an X. Account Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Stockholders' Equity a. Land (used in operations) b. Accumulated Depreciation-Equipment C. Common...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its statement of financial position. a. Investments b. Property, plant, and equipment. c. Intangible assets. d. Other assets. e. Current assets. f. Non-current liabilities. g. Current liabilities. h. Share capital i. Share premium j. Retained earnings. k. Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a...
Exercise 5-Balance sheet classifications. (15 points) PLEASE ANSWER BELOW The various classifications listed below have been used in the past by Rogers Company on its balance sheet. It asks your professional opinion concerning the appropriate classification of each of the items below. a. Current Assets e. Current Liabilities b. Long Term Investments f. Long-Term Liabilities c. Plant and Equipment Common Stock and Paid-in Capital in Excess of d. Intangible Assets h. Retained Earnings Indicate by letter how each of the...
PLEASE READ INSTRUCTIONS CAREFULLY
Problem 3: Balance sheet classifications. Typical balance sheet classifications are as follows. a. Current Assets g. Long-Term Liabilities b. Investments h. Capital Stock C. Plant Assets i. Additional Paid-In Capital d. Intangible Assets j. Retained Earnings e. Other Assets k. Notes to Financial Statements f. Current Liabilities 1. Not Reported on Balance Sheet Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December...
Balance Sheet Classifications 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 balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account (valuation account), place a minus sign before the chosen letter. 10. 1....
Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer.. Balance Sheet Classification a. Current assets. g. Long-term liabilities. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. i. Retained earnings. d. Intangible assets. j....
143 CHAPTER 3 The Balance Sheet and Financial Disclosures 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 balance sheet items, use the letters above to indicate the appropriate classification cate- gory. If the item is a contra account, place a minus sign before...
The following are the typical classifications used in a balance sheet: b. Current assets Investments Property, plant, and equipment Intangible assets Other assets f. Current liabilities Long-term liabilities h. Paid-in capital i. Retained earnings d. 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. 10. 2. 11. 3. 12. 4. 13. 5. Equipment Accounts...
FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Account Title: Balance: Account Title: Balance: Accounts Payable 18,100 Interest Payable 700 Accounts Receivable 17,400 Land 25,000 Accum. Depr. - Bldngs. 54,000 Maintenance Revenue 65,000 Accum. Depr. - Equipment 39,000 Notes Payable (25-year) 40,000 Advertising Expense 16,800 Notes Payable (30-day) 2,500 Buildings 110,000 Prepaid Insurance 3,600 Cash 31,200 Repair Revenue 85,000...
please complete both tables
Check my work 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.) nces Equipment Accounts payable Allowance for uncollectible accounts Land (hold for...
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Properly, Plant, and Equipment; Intangible Assets; Current Liabilities: Long- term Liabilities, and Stockholders' Equity. If the item does not belong on the classified balance sheet, put an X. Account Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Stockholders' Equity a. Land (used in operations) b. Accumulated Depreciation-Equipment C. Common...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its statement of financial position. a. Investments b. Property, plant, and equipment. c. Intangible assets. d. Other assets. e. Current assets. f. Non-current liabilities. g. Current liabilities. h. Share capital i. Share premium j. Retained earnings. k. Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a...
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