Homework Answers
| Balance sheet( BS) or Income Statement (IS ) | If item on Balance sheet designate category ( CA,FA,CL, LL,SE) | Item |
| BS | CL | Accounts Payable |
| BS | CA | Accounts receivable |
| BS | Contra asset | Accumulated Depreciation |
| IS | Administrative expenses | |
| BS | Contra asset | Allowance of bad debts |
| IS | Bad debt expense | |
| BS | LL | Bonds payable |
| BS | FA | Buildings |
| BS | CA | Cash |
| BS | CA | Common stock |
| IS | Cost of goods sold | |
| IS | Depreciation expense | |
| BS | CL | Dividends payable |
| BS | FA | Equipment |
| BS | CL | Income tax expense |
| BS | CL | Income tax payable |
| BS | CL | interest payable |
| BS | CA | Inventory |
| BS | FA | Land |
| BS | CL or LL | Mortgage payable |
| BS | CL | Notes payable |
| BS | SE | paid-in -capital in excess of par value |
| BS | CA | Prepaid expense |
| BS | SE | Retained earnings |
| IS | Selling expenses | |
| BS | CA | Supplies |
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Problem 2. See textbook, page 26 - 31. Indicate whether item is on balance sheet (BS)...
Financial statement Data Table a. In column (1) indicate b. In column (2), indicate whether the...
Financial statement Data Table a. In column (1) indicate b. In column (2), indicate whether the account is a current asset account identification Mark each of the accounts listed in the following tablE asfollows in which stabement-income statement (1S) or balance sheet (BS)-the account belongs (CA), current Sability (CL), expense (E), fxed asset (FA) Select from the drop down menus) Account Name Accounts payable Accounts receivable Accuals Accumulated depreciation Administrative expense Statement Type of Account Account Name Accounts payable Type...
Indicate whether each of the following accounts would be reported on the balance sheet or income...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded abbreviations for your answers. Use Column 1 to indicate whether the item is found on the Balance Sheet (BS) or Income Statement (IS) For Balance Sheet items, use Column 2 to indicate the following: CA Current Asset, NCA Non Current Asset, PPE- Property, Plant & Equipment, IA-Intangible Asset CL Current Liability, NCL-Non Current Liability, or SE- Stockholders' Equity. Use Column 3 to indicate whether...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO 2-1, LO 2-3, LO 2-4) Netflix, Inc., is the world's leading Internet subscription service for movies and TV shows. Required: 1.&2. The following are several of the accounts included in a recent balance sheet. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability,...
Indicate your criticisms of the balance sheet and brietly ment of any item criticized. following is...
Indicate your criticisms of the balance sheet and brietly ment of any item criticized. following is the balance sheet of Rubber Industries: RUBBER INDUSTRIES Balance Sheet For the Year Ended December 31, 2012 Current assets: S 50 Cash 1 9,000 60,000 Marketable equity securities Accounts receivable, net Inventory Treasury stock 30,000 20,000 $179,000 Total current assets Land and buildings, net Short-term U.S. notes Supplies Plant assets: 160,000 Investments: 20,000 Other assets 4,000 Total assets Liabilities and Stockholders' Equity Liabilities: Bonds...
QUESTION 13 Indicate in the space provided by each item whether it would appear on the...
QUESTION 13 Indicate in the space provided by each item whether it would appear on the income statement (15), balance sheet (BS), or statement of owner's equity (OE): 1. Unearned Revenue 7. Notes Payable 2. Prepaid Expense 8. D. Donovan, Capital 3. Salaries Expense 9. Notes Receivable D. Donovan, Drawings 10. Insurance Expense 5. Land 11. Accounts Receivable 6. Service Revenue 12. Cash TTTT Paragraph Arial V3 (12
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....
As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete...
As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete the following table Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit (dr) or credit (cr) balance. or Account Classification 1. Supplies 2 Income Tax Payable 3. Notes Payable (due in three years) 4. Equipment 5. Accounts Payable 6. Accounts Receivable...
The following balance sheet (BS) and income statement (IS) are available for Little Bit Inc. Prepare...
The following balance sheet (BS) and income statement (IS) are
available for Little Bit Inc. Prepare a statement of cash flows
(CF) for 2018:
Balance Sheet Cash Accounts Receivable (net) Inventory Prepaid Expenses Total Current Assets Plant and Equipment Less accumulated depreciation Plant and Equipment (net) Long-Term Investments Total Assets Accounts Payable Accrued Liabilities Total Current Liabilities Long-Term Debt Deferred Taxes Total Liabilities Common Stock ($1 par) and additional paid-in Retained earnings Total Liabilities and Equity December 31, 2018 2017...
Use the letters a to k from the balance sheet classifications to indicate the usual classification...
Use the letters a to k from the balance sheet classifications to indicate the usual classification for each of the 22 balance sheet items listed below. 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. Accumulated other comprehensive income. e. Other assets. k. Noncontrolling interests. f. Current liabilities. Balance Sheet Item 1. Preferred stock. 2. Accrued salaries. 3. Long-term receivable. 4. Cash surrender...
Financial statement Data Table a. In column (1) indicate b. In column (2), indicate whether the account is a current asset account identification Mark each of the accounts listed in the following tablE asfollows in which stabement-income statement (1S) or balance sheet (BS)-the account belongs (CA), current Sability (CL), expense (E), fxed asset (FA) Select from the drop down menus) Account Name Accounts payable Accounts receivable Accuals Accumulated depreciation Administrative expense Statement Type of Account Account Name Accounts payable Type...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded abbreviations for your answers. Use Column 1 to indicate whether the item is found on the Balance Sheet (BS) or Income Statement (IS) For Balance Sheet items, use Column 2 to indicate the following: CA Current Asset, NCA Non Current Asset, PPE- Property, Plant & Equipment, IA-Intangible Asset CL Current Liability, NCL-Non Current Liability, or SE- Stockholders' Equity. Use Column 3 to indicate whether...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO 2-1, LO 2-3, LO 2-4) Netflix, Inc., is the world's leading Internet subscription service for movies and TV shows. Required: 1.&2. The following are several of the accounts included in a recent balance sheet. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability,...
Indicate your criticisms of the balance sheet and brietly ment of any item criticized. following is the balance sheet of Rubber Industries: RUBBER INDUSTRIES Balance Sheet For the Year Ended December 31, 2012 Current assets: S 50 Cash 1 9,000 60,000 Marketable equity securities Accounts receivable, net Inventory Treasury stock 30,000 20,000 $179,000 Total current assets Land and buildings, net Short-term U.S. notes Supplies Plant assets: 160,000 Investments: 20,000 Other assets 4,000 Total assets Liabilities and Stockholders' Equity Liabilities: Bonds...
QUESTION 13 Indicate in the space provided by each item whether it would appear on the income statement (15), balance sheet (BS), or statement of owner's equity (OE): 1. Unearned Revenue 7. Notes Payable 2. Prepaid Expense 8. D. Donovan, Capital 3. Salaries Expense 9. Notes Receivable D. Donovan, Drawings 10. Insurance Expense 5. Land 11. Accounts Receivable 6. Service Revenue 12. Cash TTTT Paragraph Arial V3 (12
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....
As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete the following table Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit (dr) or credit (cr) balance. or Account Classification 1. Supplies 2 Income Tax Payable 3. Notes Payable (due in three years) 4. Equipment 5. Accounts Payable 6. Accounts Receivable...
The following balance sheet (BS) and income statement (IS) are
available for Little Bit Inc. Prepare a statement of cash flows
(CF) for 2018:
Balance Sheet Cash Accounts Receivable (net) Inventory Prepaid Expenses Total Current Assets Plant and Equipment Less accumulated depreciation Plant and Equipment (net) Long-Term Investments Total Assets Accounts Payable Accrued Liabilities Total Current Liabilities Long-Term Debt Deferred Taxes Total Liabilities Common Stock ($1 par) and additional paid-in Retained earnings Total Liabilities and Equity December 31, 2018 2017...
Use the letters a to k from the balance sheet classifications to indicate the usual classification for each of the 22 balance sheet items listed below. 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. Accumulated other comprehensive income. e. Other assets. k. Noncontrolling interests. f. Current liabilities. Balance Sheet Item 1. Preferred stock. 2. Accrued salaries. 3. Long-term receivable. 4. Cash surrender...
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