Question

Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer.. 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.

Answer 1

BALANCE SHEET ITEM	CLASSIFICATION	CONTRA ACCOUNT
Accumulated depreciation	C	YES
Bonds payable	g	N/A
Accounts payable	f	N/A
Investment in stock of another company	b	N/A
Land	c	N/A
Accumulated unrealized gain on foreign currency translation adjustment	j	N/A
Office supplies inventory	a	N/A
Restricted cash	e	N/A
Accumulated income less Accumulated dividends	i	N/A
Deferred revenue	f	N/A
Bond sinking fund	b	N/A
Prepaid insurance	a	N/A
Accounts receivable	a	N/A
Short term investments	a	N/A
Allowances for doubtful accounts	a	YES
Buildings	c	N/A
Common stock	h	N/A
Interest revenue earned but not collected	k	N/A
Value of share hold by non-controlling stock holders	h	N/A
Patent	d	N/A
Land held for investment	c	N/A
Paid in capital in excess of par	h	N/A