Which of the following items should be classified as long-term operational assets?
Which of the following items should be classified as long-term operational assets?
a. Prepaid insurance
b. Coal mine
c. Office equipment
d Accounts receivable
e. Supplies
f. Copyright
g. Delivery van
h. Land used in the business
i. Goodwill
j. Cash
k. Filing cabinet
l. Tax library of accounting firm
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Which of the following items should be classified as long-term operational assets?
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet I. Tax library of accounting firm Exercise 6-12 Effect of the disposal of plant assets on the financial statements Un Company sold office equipment with a cost of $23,000...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term invest...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term investments c. Plant assets d. Intangible assets e. Current liabilities 1. Long-term liabilities 8. Equity X Not in the balance sheet Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. owne Buildings used in business operations Office Supplies Land held for future plant expansion...
E2-4 Prepare assets section of a classified balance sheet Suppose the following information (in thousands of...
E2-4 Prepare assets section of a classified balance sheet Suppose the following information (in thousands of dollars) is available for H. J. Heinz Company-famous for ketchup and other fine food products for the year ended April 30, 2017 (LO D, AP Prepaid insurance S 125,765 Land Goodwill Trademarks Inventory 76,193 3,982,954 757,907 1,237,613 Buildings Cash Accounts receivable Accumulated depreciation buildings 2,131,260 $4,033,369 373,145 1,171,797 XLS Instructions Prepare the assets section of a classified balance sheet, listing the items in proper...
EXERCISE 4-11 Identifying Assets Which of the following items are classified as assets on a typical...
EXERCISE 4-11 Identifying Assets Which of the following items are classified as assets on a typical balance sheet? a. Depreciation k. Depreciation expense. b. CEO salary 1. Bad debts expense. c. Cash m. Loan to officers d. Deferred income taxes. n. Loan from officers. e. Installment receivable (collectible in three years). o. Fully trained sales force. f. Capital withdrawal (dividend). p. Common stock of a subsidiary. g. Inventories. 9. Trade name purchased. h. Prepaid expenses r. Internally developed goodwill. 1....
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
four items that affect equity The Four Items that affect Equity Activity 2.a - The Four...
four items that affect equity
The Four Items that affect Equity Activity 2.a - The Four items that affect Equity The partial accounting equation of Assets = Liabilities + ? has been given below. Complete the accounting equation by dragging the items that affect equity into the expanded accounting equation in the order of Common Stock + Retained Earnings. Then, identify whether the item increases, '+', or decreases,'", equity, View drag and drop keyboard instructions Accounts Payable Accounts Receivable Revenues...
In Accounting Classify each of the following financial statement items taken from Ming Corporation's balance sheet....
In Accounting
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Stockholders' Equity Accounts payable Property, Plant, and Equipment Accounts receivable Stockholders' Equity Accumulated depreciation equipment Intangible Assets Buildings Current Assets Cash Intangible Assets Interest payable Current Assets Goodwill Intangible Assets Income taxes payable Intangible Assets Inventory Current Liabilities Stock investments (to be sold in 7 months) Long-term Liabilities Land (in use) Long-term Investments Mortgage payable Current Liabilities Supplies Property, Plant, and Equipment Equipment Long-term...
a) Determine which accounts are current assets and prepare the current assets section of the balance...
a) Determine which accounts are current assets and prepare the
current assets section of the balance sheet as of December 31,
2021, with the accounts in order of decreasing liquidity.
b) for each account that is not classified as a current asset,
indicate how it would be classified on the balance sheet.
Question 5 The December 31, 2021, adjusted trial balance of Cullumber Company includes the following accounts: Accounts receivable $13,000 Patents $3,900 Prepaid insurance 1,700 Unearned revenue 3,000 Goodwill...
provide a balance sheet from the image above be sure to include assets and liabilities/shareholders equity...
provide a balance sheet from the image above be sure to
include assets and liabilities/shareholders equity
3:00 < Back Balance Sheet Exam 1b.png December 31, 2019 CR DR 25000 25000 35000 74000 70000 300000 500000 500000 195000 70000 15600 315000 75000 40000 65000 165000 60000 40000 Cash Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Other Comprehensive Income Bonds Payable (de 6 months, paid with Debt Service Fund Buildings Common Stock Copper Mine Copyright Current Portion of Long Term Debt Debt...
1. The following items are taken from the financial statements of Cullumber Company at December 31,...
1. The following items are taken from the financial statements of Cullumber Company at December 31, 2022. Land $196,500 Accounts receivable 21,300 Supplies 10,100 Cash 12,000 Equipment 83,100 Buildings 261,400 Land improvements 46,250 Notes receivable (due in 2023) 5,100 Accumulated depreciation—land improvements 13,100 Common stock 73,500 Retained earnings (December 31, 2022) 502,000 Accumulated depreciation—buildings 34,200 Accounts payable 9,300 Mortgage payable 90,150 Accumulated depreciation—equipment 18,700 Interest payable 3,800 Income taxes payable 15,200 Patents 47,100 Investments in stock (long-term) 72,200 Debt investments...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet I. Tax library of accounting firm Exercise 6-12 Effect of the disposal of plant assets on the financial statements Un Company sold office equipment with a cost of $23,000...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term investments c. Plant assets d. Intangible assets e. Current liabilities 1. Long-term liabilities 8. Equity X Not in the balance sheet Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. owne Buildings used in business operations Office Supplies Land held for future plant expansion...
E2-4 Prepare assets section of a classified balance sheet Suppose the following information (in thousands of dollars) is available for H. J. Heinz Company-famous for ketchup and other fine food products for the year ended April 30, 2017 (LO D, AP Prepaid insurance S 125,765 Land Goodwill Trademarks Inventory 76,193 3,982,954 757,907 1,237,613 Buildings Cash Accounts receivable Accumulated depreciation buildings 2,131,260 $4,033,369 373,145 1,171,797 XLS Instructions Prepare the assets section of a classified balance sheet, listing the items in proper...
EXERCISE 4-11 Identifying Assets Which of the following items are classified as assets on a typical balance sheet? a. Depreciation k. Depreciation expense. b. CEO salary 1. Bad debts expense. c. Cash m. Loan to officers d. Deferred income taxes. n. Loan from officers. e. Installment receivable (collectible in three years). o. Fully trained sales force. f. Capital withdrawal (dividend). p. Common stock of a subsidiary. g. Inventories. 9. Trade name purchased. h. Prepaid expenses r. Internally developed goodwill. 1....
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
four items that affect equity
The Four Items that affect Equity Activity 2.a - The Four items that affect Equity The partial accounting equation of Assets = Liabilities + ? has been given below. Complete the accounting equation by dragging the items that affect equity into the expanded accounting equation in the order of Common Stock + Retained Earnings. Then, identify whether the item increases, '+', or decreases,'", equity, View drag and drop keyboard instructions Accounts Payable Accounts Receivable Revenues...
In Accounting
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Stockholders' Equity Accounts payable Property, Plant, and Equipment Accounts receivable Stockholders' Equity Accumulated depreciation equipment Intangible Assets Buildings Current Assets Cash Intangible Assets Interest payable Current Assets Goodwill Intangible Assets Income taxes payable Intangible Assets Inventory Current Liabilities Stock investments (to be sold in 7 months) Long-term Liabilities Land (in use) Long-term Investments Mortgage payable Current Liabilities Supplies Property, Plant, and Equipment Equipment Long-term...
a) Determine which accounts are current assets and prepare the
current assets section of the balance sheet as of December 31,
2021, with the accounts in order of decreasing liquidity.
b) for each account that is not classified as a current asset,
indicate how it would be classified on the balance sheet.
Question 5 The December 31, 2021, adjusted trial balance of Cullumber Company includes the following accounts: Accounts receivable $13,000 Patents $3,900 Prepaid insurance 1,700 Unearned revenue 3,000 Goodwill...
provide a balance sheet from the image above be sure to
include assets and liabilities/shareholders equity
3:00 < Back Balance Sheet Exam 1b.png December 31, 2019 CR DR 25000 25000 35000 74000 70000 300000 500000 500000 195000 70000 15600 315000 75000 40000 65000 165000 60000 40000 Cash Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Other Comprehensive Income Bonds Payable (de 6 months, paid with Debt Service Fund Buildings Common Stock Copper Mine Copyright Current Portion of Long Term Debt Debt...
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