1. Classified Balance Sheet The following accounts appear in an adjusted trial balance of Waterloo Consulting....
1. Classified Balance Sheet
The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the current asset; property, plant, and equipment; current liability; long-term liability; or owner's equity section of the December 31, 2018, balance sheet of Waterloo Consulting.
| 1. Building | |
| 2. Cindy Sue Delaney, Capital | |
| 3. Notes Payable (due in five years) | |
| 4. Prepaid Rent | |
| 5. Salaries Payable | |
| 6. Supplies | |
| 7. Taxes Payable | |
| 8. Unearned Service Fees |
Options are:
- Current asset
- Current liability
- Long-term liability
- Owner's equity
- Property, plant, and equipment
2.
Classified Balance Sheet
The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the current asset; property, plant, and equipment; current liability; long-term liability; or owner's equity section of the December 31, 2018, balance sheet of Waterloo Consulting.
| 1. Building | |
| 2. Cindy Sue Delaney, Capital | |
| 3. Notes Payable (due in five years) | |
| 4. Prepaid Rent | |
| 5. Salaries Payable | |
| 6. Supplies | |
| 7. Taxes Payable | |
| 8. Unearned Service Fees |
Options are:
- Current asset
- Current liability
- Long-term liability
- Owner's equity
- Property, plant, and equipment
Homework Answers
| Classified Balance sheet | ||
| 1 | Building | Property, plant, and equipment |
| 2 | Cindy Sue Delaney, Capital | Owner’s equity |
| 3 | Notes Payable (due in five years) | Long-term liability |
| 4 | Prepaid Rent | Current asset |
| 5 | Salaries Payable | Current liability |
| 6 | Supplies | Current asset |
| 7 | Taxes Payable | Current liability |
| 8 | Unearned Service Fees | Current liability |
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1. Classified Balance Sheet
The following accounts appear in an adjusted trial balance of
Waterloo Consulting....
PE 4-3A Classified balance sheet OBJ. 2 The following accounts appear in an adjusted trial balance...
PE 4-3A Classified balance sheet OBJ. 2 The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner's equity section of the December 31, 2018, balance sheet of Waterloo Consulting. 1. Building 5. Salaries Payable 2. Cindy Sue Delaney, Capital 6. Supplies 3. Notes Payable (due in five years) 7. Taxes Payable 8....
EE 4-1 p. 165 PE 4-1A Flow of accounts into financial statements OBJ. 1 The balances...
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Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓...
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For each account listed, identify the category that it would appear on a classified balance sheet....
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Use
the above adjusted trial balance to prepare Wilson Trucking
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Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
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EXHIBIT 4-13 Classified Balance Sheet of Hunter Environmental Consulting in Account Format LEARNING TIPS HUNTER Keep these pages handy! Book- mark them They ilustrate the formats to be followed when pre paring a dassified balance sheet Balance Sheet May 31, 2017 Current assets Current liabilities: 0d you nobce that the Balanc Sheet is caled Balance Sheet 31,000 Accounts payable 15,500 Salary pay able ,000 Unearned service 12.000 Accounts receivable Office supplies Prepaid insurance Sheet? The 2.000 Total current iabilities Total...
1. What is the major difference between the unadjuste and the adjusted trial balance? | 1. The adjusted trial balance will show the net income (loss) as an additional acce 1. Unlike the adjusted trial balance, the unadjusted trial balance will continue wit period processing even if it is not in balance. The adjusted trial balance includes the postings of the adjustments for the peric balance of the accounts. 11. The adjusted trial balance will be used to record the...
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...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
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