Question

5. Assume that Eugene Motor Corp. uses the following headings on its balance sheet: 1. 2. 3 4. 5. 6 7. Current Assets Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-Term Liabilities Stockholders' Equity Required: Indicate how each of the following should be best classified. If an item would not appear on the balance sheet but would appear in a note to the financial statements, use the letter "N" to indicate this. If an item is neither reported on the balance sheet nor disclosed as a note, use the letter "X" to indicate this. If the account balance is normally opposite that of a typical account in that classification, indicate this by placing the letter in parentheses. (Copy & paste to Excel) a. Patents b. Merchandise Inventory Taxes Payable d. Employee Payroll Deduction for State Income Taxes e. Cash f. Office Supplies g . Preferred Stock Common Stock Work in Process Land C. h 1 J Arrunte Racale

Answer 1

Intangible Assets ...a) Patent

Current Assets ...b) Merchandise Inventory

Current Liabilities ...c) Taxes Payable

Current Liabilities.... d) Employee payroll deductiom forState Income tax

Current Assets... e) Cash

X...f) Office Supplies

Long term Liabilities... g) Preferred stock

Long term Liabilities... h) common stock

Current Assets... i) Work in progress

Property, plant and equipment... j) land

Current Assets K) Account Receivable

It is showm as negative figure under respectative Fixed asset Account L) Accumulated Depreciation

Current Liability M) unearned rental income

Current Assets O)

X..... Q) Insurance Expenses

Intangible Assets (if goodwill is purchased) R) Goodwill

Current Assets S)

Current Liabilities T) Account payable

Current Liabilities V) Wages Payable

Property, plant and equipment...W)

Current Asset X) Unexpired Rent Expenses

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