Classifying Balance Sheet Accounts Classify the following amounts as (a) current assets, (b) investments, (c) property,...
Classifying Balance Sheet Accounts
Classify the following amounts as (a) current assets, (b) investments, (c) property, plant, and equipment, (d) other assets, (e) current liabilities, (f) long-term liabilities, (g) paid-in capital, or (h)retained earnings.
1. investment in common stock of subsidiary
2. deferred tax liability, net
3. no-par common stock
4. accumulated depreciation
5. investment in U.S. Treasury bills
Homework Answers
1. investment in common stock of subsidiary :- It will be shown under the head Investments.
2. deferred tax liability, net:- It is shown under the head Non current liability.
3. no-par common stock:- It is shown under the head Paid up share Capital.
4. accumulated depreciation:- It is shown under the head Property, Plant, and Equipment
5. investment in U.S. Treasury bills:- It is shown under the head Current assets as its maturity is less than one year.
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Classifying Balance Sheet Accounts
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please complete both tables
Check my work a. Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) nces Equipment Accounts payable Allowance for uncollectible accounts Land (hold for...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612.000 509,000 2,084,000 206,000 $3,411,000 $ 412,000 1.019.000 1.980,000 $3,411,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments: investment in equity securities, short term,...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
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