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Homework Answers
1. Payroll deduction are current liabilities untill they are paid to the government agency or organization like insurance contribution or taxes withheld.
2. Rent revenue collected in advance is a part of current liabilities.
3. Patent are a part of intangible assets.
4. Machinery held for sale is a part of other assets or current assets. Unless machine is fully depreciated it will be shown in books even if it is useless.
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D Question 6 4 pts Indicate how each of the following items should be classified. Employees'...
Indicate how each of the following items would be classified on a balance sheet prepared at...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item...
For Fielder Enterprises, indicate how each of the following
usually should be classified. If an item should appear in a note to
the financial statements, select “Note to Financial Statement” to
indicate this fact. If an item needs to be reported on the balance
sheet, select "Balance Sheet" and if an item need not be reported
at all, select “Not to be Reported.”
Need help with number #2-5, 16, 19
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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...
l Helder Enterprises, indicate how each of the following usually should be classified. If an item...
l
Helder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial ments, select "Note to Financial Statement" to indicate this fact. If an item needs to be reported on the balance sheet, select "Balance t" and if an item need not be reported at all, select "Not to be Reported." Transactions Reported in Classification Prepaid insurance Note to Financial Statement Long-term Liabilities Stock owned in affiliated companies...
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...
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item...
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select "Note to Financial Statement to indicate this fact. If an item needs to be reported on the balance sheet, select "Balance Sheet" and If an item need not be reported at all, select 'Not to be Reported." Transactions Reported in Classification 1. Prepaid insurance. Stock owned in affiliated companies Unearned service revenue. Advances to...
4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable...
4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable due in 30 days Current Liabilities 7. Share premium-preference shares (Share Capital) 8. Warranty liability Current Liabilities 9. Currency held in the cash register Current Assets 10. Ordinary shares Share Capital 11. Long-term debt covenants Not Reported on Statement of Financial Position 12. Allowance for doubtful accounts (Current Assets) 13. Accumulated depreciation (Plant Assets) 14. Goodwill Intangible Assets 15. 90 day notes payable Current...
Chapter 4 - Wrap-up Assignment Using the following template, indicate using the letters indicated where each...
Chapter 4 - Wrap-up Assignment Using the following template, indicate using the letters indicated where each of the numbered items would appear on a December 31, 2020 classified balance sheet. If a particular item does not appear on a balance sheet, indicate such with N/A. Assets Current Assets: Long Term Investments: Property, plant and Equipment: Intangible Assets: Other Assets: Total Assets Liabilities and Stockholders' Equity Liabilities: Current Liabilities: Long-Term Liabilities: Total Liabilities Stockholders' Equity: Total Stockholders' Equity Total Liabilities and...
Suppose the following items were taken from the 2022 financial statement of Texas instruments. Suppose the...
Suppose the following items were taken from the 2022 financial
statement of Texas instruments.
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) $2,826 Accumulated depreciation-equipment $3,547 Common stock 164 Accounts payable Prepaid rent 1,459 Equipment Patents 6,705 2,210 Stock investments (long-term) Notes payable (long-term) 810 637 Debt investments (short-term) 1,743 Retained earnings 6,896 Income taxes payable Accounts receivable 128 1,823 Cash 1,182 Inventory 1,202 Prepare a classified balance...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: $17,395 $6,540 1,370 Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings Automobiles Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash 22,615 23,100 43,260 115,500 42,510 247,000 85,360 Income taxes payable Interest payable Inventory Land Long-term investments Notes payable, due June 30, 2018 office supplies Pald-in...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
For Fielder Enterprises, indicate how each of the following
usually should be classified. If an item should appear in a note to
the financial statements, select “Note to Financial Statement” to
indicate this fact. If an item needs to be reported on the balance
sheet, select "Balance Sheet" and if an item need not be reported
at all, select “Not to be Reported.”
Need help with number #2-5, 16, 19
1. Prepaid insurance. Balance Sheet Current Assets 2. Stock owned...
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...
l
Helder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial ments, select "Note to Financial Statement" to indicate this fact. If an item needs to be reported on the balance sheet, select "Balance t" and if an item need not be reported at all, select "Not to be Reported." Transactions Reported in Classification Prepaid insurance Note to Financial Statement Long-term Liabilities Stock owned in affiliated companies...
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...
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select "Note to Financial Statement to indicate this fact. If an item needs to be reported on the balance sheet, select "Balance Sheet" and If an item need not be reported at all, select 'Not to be Reported." Transactions Reported in Classification 1. Prepaid insurance. Stock owned in affiliated companies Unearned service revenue. Advances to...
4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable due in 30 days Current Liabilities 7. Share premium-preference shares (Share Capital) 8. Warranty liability Current Liabilities 9. Currency held in the cash register Current Assets 10. Ordinary shares Share Capital 11. Long-term debt covenants Not Reported on Statement of Financial Position 12. Allowance for doubtful accounts (Current Assets) 13. Accumulated depreciation (Plant Assets) 14. Goodwill Intangible Assets 15. 90 day notes payable Current...
Chapter 4 - Wrap-up Assignment Using the following template, indicate using the letters indicated where each of the numbered items would appear on a December 31, 2020 classified balance sheet. If a particular item does not appear on a balance sheet, indicate such with N/A. Assets Current Assets: Long Term Investments: Property, plant and Equipment: Intangible Assets: Other Assets: Total Assets Liabilities and Stockholders' Equity Liabilities: Current Liabilities: Long-Term Liabilities: Total Liabilities Stockholders' Equity: Total Stockholders' Equity Total Liabilities and...
Suppose the following items were taken from the 2022 financial
statement of Texas instruments.
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) $2,826 Accumulated depreciation-equipment $3,547 Common stock 164 Accounts payable Prepaid rent 1,459 Equipment Patents 6,705 2,210 Stock investments (long-term) Notes payable (long-term) 810 637 Debt investments (short-term) 1,743 Retained earnings 6,896 Income taxes payable Accounts receivable 128 1,823 Cash 1,182 Inventory 1,202 Prepare a classified balance...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: $17,395 $6,540 1,370 Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings Automobiles Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash 22,615 23,100 43,260 115,500 42,510 247,000 85,360 Income taxes payable Interest payable Inventory Land Long-term investments Notes payable, due June 30, 2018 office supplies Pald-in...
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