Question

Question 5

Company XYZ had the following accounts in its financial statements during the year: cash, common stock, marketable securities, unearned rent revenue, available-for-sale debt securities, prepaid utilities expense, sales revenue, accumulated other comprehensive income, retained earnings, trademarks, accounts payable, income tax payable, notes payable, equipment, land, equity investments, preferred stock, additional paid-in capital, non-controlling interest, interest expense.

For each account, state whether the account ends up on the balance sheet. If it is a balance sheet account, classify the account as an asset, liability, or owner’s equity account. If an asset or a liability, state whether it is a current or long-term/non-current account. If it depends, please explain.

Answer 1

Solution Items. whether the accounts ends upon the balance sheet. Asset Liability / Owness Current or Equity. Non-current Accounts Longterm / Cash. Yes. Asset Current Asset Common stock Yes Owner's Equity Yes. Asset. Current Asset Marketable Securities - Unearned rent hevenue . Available for sale debt securities Yes Liability Current Liability Available for-sal Yes. Asset sale Securities may be classified as current assets on the balance sheet if they are to be liquidated within core years lor as long term assels, if they are to be held for a f time. longer period

Prepaid Utility Exchense. Yes Asset Current Asset. No Sales Revenue Accumulated other comprehensive income Yes Owness Equity Yes. Retained Earnings Trademarks Yes. Owner's Equity Asset (Intangible) Liability Non-Current Asset Accounts Payable. Yes. - Current Liability Yes Liability Current Liability Current Liability Yes Liability Income tan payable Notes Payable Equipment Land Non Asset Current Asset Yes. Yes Asset Non-Current Asset.

Yes Asset Current Asset Yes. Equity Investiment Presved Stock Additional paid- capital Non in-controlling interest Interest Expense Yes Owness Equity Owner's Equity Quoner's Equity Yes. NO