Homework Answers
|
1 |
Equipment |
c. property plant and equipment |
|
2 |
Accounts payable |
f. current liabilities |
|
3 |
Allowance for uncollectible accounts |
a. current assets (-a) |
|
4 |
Land (held for investment) |
b. investments |
|
5 |
Notes payable (due in 5 years) |
g. long-term liabilities |
|
6 |
Deferred revenue (for the next 12 months) |
f. current liabilities |
|
7 |
Notes payable (due in 6 months) |
f. current liabilities |
|
8 |
Accumulated amount of net income less dividends |
i. retained earnings |
|
9 |
Investment in XYZ corp. (long-term) |
b. investments |
|
10 |
Inventory |
a. current assets |
|
11 |
Patent |
d. intangible assets |
|
12 |
Land (used in operations) |
c. property plant and equipment |
|
13 |
Accrued liabilities (due in 6 months) |
f. current liabilities |
|
14 |
Prepaid rent (for the next 9 months) |
a. current assets |
|
15 |
Common stock |
h. paid in capital |
|
16 |
Building (used in operations) |
c. property plant and equipment |
|
17 |
Cash |
a. current assets |
|
18 |
Income taxes payable |
f. current liabilities |
Assets and liabilities of short term period of 1 year or less are classified as current assets and current liabilities.
Patent is classified as intangible assets.
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143 CHAPTER 3 The Balance Sheet and Financial Disclosures The following are the typical classifications used...
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...
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....
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...
The following are typical classifications used in the balance sheet for Serra Co. a. Current Assets...
The following are typical classifications used in the balance sheet for Serra Co. a. Current Assets b. Investments C. Property, Plant & Equipment d. Intangible Assets e. Other Assets f. Current Liabilities 9. Long-term Liabilities h. Paid-in-Capital i. Retained Earnings For each of the 2019 following balance sheet items of Serra Co., use the letters above to indi appropriate classification category: 1. Restricted Cash to retire bonds in 2024. 2. Trading Securities. 3. Deferred Service Revenue (services to be performed...
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...
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....
Classify each of the following accounts with their balance sheet classifications Accumulated Depreciation Equipment Short-term investments...
Classify each of the following accounts with their balance sheet classifications Accumulated Depreciation Equipment Short-term investments Merchandise Inventory Land L. Dawn, Capital 1. Current Assets Salaries Payable 2. Current Liabilties Prepaid Insurance 3. Long Term Investments Accounts receivable 4. Long Term Liabilties 5. Property Plant and Equipment Patents 6. Intangible Assets Accounts receivable 4. Long Term Liabilties 5. Property Plant and Equipment Patents 6. Intangible Assets Cash 7. Owner's Equity Notes Payable (due in 2 years) Accounts payable Equipment Supplies...
please correct the balance sheet and add what is necessary Exercise 3-5 (Algo) Balance sheet preparation...
please correct the balance sheet and add what is
necessary
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation, Credits Debits $ 31,000 68,000 93,000 $ 16,000 56,000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings nccumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation 53 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 26,000 58,000 83,000 $ 11,000 46,000...
please complete entire table Exercise 3.5 (Algo) Balance sheet preparation (LO3-2, 3-3] The following are the...
please complete entire table
Exercise 3.5 (Algo) Balance sheet preparation (LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 31,000 68,000 93,000 $ 16,000 56.000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity Securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for...
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...
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....
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...
The following are typical classifications used in the balance sheet for Serra Co. a. Current Assets b. Investments C. Property, Plant & Equipment d. Intangible Assets e. Other Assets f. Current Liabilities 9. Long-term Liabilities h. Paid-in-Capital i. Retained Earnings For each of the 2019 following balance sheet items of Serra Co., use the letters above to indi appropriate classification category: 1. Restricted Cash to retire bonds in 2024. 2. Trading Securities. 3. Deferred Service Revenue (services to be performed...
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...
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....
Classify each of the following accounts with their balance sheet classifications Accumulated Depreciation Equipment Short-term investments Merchandise Inventory Land L. Dawn, Capital 1. Current Assets Salaries Payable 2. Current Liabilties Prepaid Insurance 3. Long Term Investments Accounts receivable 4. Long Term Liabilties 5. Property Plant and Equipment Patents 6. Intangible Assets Accounts receivable 4. Long Term Liabilties 5. Property Plant and Equipment Patents 6. Intangible Assets Cash 7. Owner's Equity Notes Payable (due in 2 years) Accounts payable Equipment Supplies...
please correct the balance sheet and add what is
necessary
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation, Credits Debits $ 31,000 68,000 93,000 $ 16,000 56,000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings nccumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation 53 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 26,000 58,000 83,000 $ 11,000 46,000...
please complete entire table
Exercise 3.5 (Algo) Balance sheet preparation (LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 31,000 68,000 93,000 $ 16,000 56.000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity Securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for...
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