Question

The following classification scheme typically is used in the preparation of a balance sheet: a. Current assets b. Investments and funds c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Contributed capital i. Retained earnings Using the letters above and the format below, indicate the balance sheet category from the dropdown listing in which an entity typically would place each of the following items. Contra accounts should be indicated by the corresponding dropdown choice shown with parentheses. (If an item relates to more than one balance sheet category, select the dropdown option that represents all applicable categories.) 2. Long-term receivables Accumulated amortization Current maturities of long-term debt Notes payable (short-term) Accrued payroll taxes Leasehold improvements Retained earnings appropriated for plant expansion Machinery Donated capital Short-term investments Deferred tax liability (long-term) Allowance for uncollectible accounts Premium on bonds payable Supplies inventory Additional paid-in capital lolololos 13. 14. 15.

Answer 1

Long-term Receivables: Other Assets
Accumulated Amortization: Intangible Assets
Current maturities of long-term debt: Current Liabilities
Notes payable (short-term): Current Liabilities
Accrued payroll taxes: Current Liabilities
Leasehold improvements: Property, Plant and Equipment
Retained earnings appropriated for plant expansion: Retained Earnings
Machinery: Property, Plant and Equipment
Donated capital: Contributed Capital
Short-term investments: Current Assets
Deferred tax liability (long-term): Long-term Liabilities
Allowance for uncollectible accounts: Current Assets
Premium on bonds payable: Long-term Liabilities
Supplies inventory: Current Assets
Additional paid-in capital: Contributed Capital