Liz Ross Corporation prepares a classified balance sheet that includes the following traditional sections: Current Assets...
Liz Ross Corporation prepares a classified balance sheet that includes the following traditional sections:
Current Assets
Long-term Investments
Property, Plant & Equipment
Intangibles
Other Assets
Current Liabilities
Long-term Liabilities
Stockholders' Equity
In which section of the classified balance sheet would the following accounts appear? Some of the accounts may not appear in the balance sheet.
Note Payable (due in 3 months)
Accumulated Depreciation
Investment in Government Bonds
Accounts Receivable
Accounts Payable
Long-term Receivable From Employee
Dividends
Capital Stock
Patent
Supplies
Retained Earnings (ending)
Rent Expense
Unearned Revenues
Income Summary
Equipment
Revenues
Prepaid Rent
Interest Payable
Retained Earnings (beginning)
Loan Payable (due in 5 years)
Homework Answers
Answer :
1. Note Payable (due in 3 months) - Current Liabilities
2. Accumulated Depreciation - Property, Plant & Equipment
3. Investment in Government Bonds - Long-term Investments
4. Accounts Receivable - Current Assets
5. Accounts Payable - Current Liabilities
6. Long-term Receivable From Employee - Other Assets (Note : It is shown as other non-current assets in balance sheet)
7. Dividends - Not appear in the balance sheet
8. Capital Stock - Stockholders' Equity
9. Patent - Intangibles
10. Supplies - Current Assets
11. Retained Earnings (ending) - Stockholders' Equity
12. Rent Expense - Not appear in the balance sheet
13. Unearned Revenues - Current Liabilities
14. Income Summary - Not appear in the balance sheet
15. Equipment - Property, Plant & Equipment
16. Revenues - Not appear in the balance sheet
17. Prepaid Rent - Other Assets
18. Interest Payable - Current Liabilities
19. Retained Earnings (beginning) - Not appear in the balance sheet
20. Loan Payable (due in 5 years) - Long-term Liabilities
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Liz Ross Corporation prepares a classified balance sheet that
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