Choices of Classification are
Balance Sheet or Income STatement
Homework Answers
Answer
>balance sheet contains accounts related to Assets, Liabilities and Equity
>Income Statement includes items of revenues and expenses
| a | Balance Sheet |
| b | Income Statement |
| c | Balance Sheet |
| d | Income Statement |
| e | Balance Sheet |
| f | Balance Sheet |
| g | Balance Sheet |
| h | Balance Sheet |
| i | Balance Sheet |
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Choices of Classification are
Balance Sheet or Income STatement
The following items are found in the...
Indicate how each of the following items would be classified on a balance sheet prepared at...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement...
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement of financial position are as follows: 1. Current assets 2. Long-term investments 3. Property, plant, and equipment 4. Intangible assets 5. Other assets 6. Current liabilities 7. Long-term debt 8. Capital shares 9. Contributed surplus 10. Retained earnings 11. Accumulated other comprehensive income ect proble ~ CHAPTER 1 X M ebook intermediat X Cover Page X Operations Manag te%20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf Instructions Indicate by number where...
PLEASE READ INSTRUCTIONS CAREFULLY Problem 3: Balance sheet classifications. Typical balance sheet classifications are as follows....
PLEASE READ INSTRUCTIONS CAREFULLY
Problem 3: Balance sheet classifications. Typical balance sheet classifications are as follows. a. Current Assets g. Long-Term Liabilities b. Investments h. Capital Stock C. Plant Assets i. Additional Paid-In Capital d. Intangible Assets j. Retained Earnings e. Other Assets k. Notes to Financial Statements f. Current Liabilities 1. Not Reported on Balance Sheet Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December...
How many of the following items are found on the income statement, rather than the balance...
How many of the following items are found on the income statement, rather than the balance sheet? Sales . Notes payable (due in six months) Bonds payable (mature in 10 years) . Common stock Depreciation expense . Inventories Capital in excess of par value . Net income (earnings after taxes) , Income tax payable O Two of these items are found on the income statement. O Three of these items are found on the income statement O Four of these...
Canvas The following financial statement items were taken from the financial statements of Gomez Corp. Match...
Canvas The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Trademarks (Choose) Notes payable (current) (Choose] Interest revenue (Choose] Income taxes payable (Choose Debt investments (long-term) (Choose) Unearned sales revenue (Choose] Inventory [Choose] Accumulated depreciation (Choose] Land (Choose] Common stock (Choose) Advertising expense [Choose) Mortgage payable (due in 3...
The following items appear on the balance sheet of a company with a one-year operating cycle....
The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or Nif it is not a liability Item Classification 1. Bonds payable (due in 9 months) 2. Notes payable (due in 120 days) 3. Current portion of long-term debt. 4. Bonds payable (due in 2 years) 5. Notes payable (due in...
iley Ch 5: Homework Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. Goodwill. Salaries and...
iley Ch 5: Homework Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. Goodwill. Salaries and wages payable Accounts payable. Buildings. Equity investments (to be sold within one year). Current maturity of long-term debt. 8. Premium on bonds payable. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. 13. Notes payable (due next year). Supplies 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 9. Allowance for doubtful accounts. 10. Accounts receivable....
HELP FAST PLEASE The following financial statement items were taken from the financial statements of Gomez...
HELP FAST PLEASE
The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Trademarks Notes payable (current) Interest revenue Income taxes payable Debt investments (long-term) Unearned sales revenue Inventory Accumulated depreciation Land Common stock Advertising expense Mortgage payable (due in 3 years) Trademark Current Liabilities Notes payat Interest reve Long-term...
The following list of items appear on the balance sheet of Crunched Auto Body Repair Shop,...
The following list of items appear on the balance sheet of Crunched Auto Body Repair Shop, which has a 12-month operating cycle. Select the proper classification of each item as follows: C if it is a current liability, L if it is a non-current liability, or N if it is not a liability. Classification Item a. Wages payable. | b. Notes payable in 60 days. C. Mortgage payable (payments due in the next 12 months). d. Notes receivable in 90...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a c...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement of financial position are as follows: 1. Current assets 2. Long-term investments 3. Property, plant, and equipment 4. Intangible assets 5. Other assets 6. Current liabilities 7. Long-term debt 8. Capital shares 9. Contributed surplus 10. Retained earnings 11. Accumulated other comprehensive income ect proble ~ CHAPTER 1 X M ebook intermediat X Cover Page X Operations Manag te%20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf Instructions Indicate by number where...
PLEASE READ INSTRUCTIONS CAREFULLY
Problem 3: Balance sheet classifications. Typical balance sheet classifications are as follows. a. Current Assets g. Long-Term Liabilities b. Investments h. Capital Stock C. Plant Assets i. Additional Paid-In Capital d. Intangible Assets j. Retained Earnings e. Other Assets k. Notes to Financial Statements f. Current Liabilities 1. Not Reported on Balance Sheet Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December...
How many of the following items are found on the income statement, rather than the balance sheet? Sales . Notes payable (due in six months) Bonds payable (mature in 10 years) . Common stock Depreciation expense . Inventories Capital in excess of par value . Net income (earnings after taxes) , Income tax payable O Two of these items are found on the income statement. O Three of these items are found on the income statement O Four of these...
Canvas The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Trademarks (Choose) Notes payable (current) (Choose] Interest revenue (Choose] Income taxes payable (Choose Debt investments (long-term) (Choose) Unearned sales revenue (Choose] Inventory [Choose] Accumulated depreciation (Choose] Land (Choose] Common stock (Choose) Advertising expense [Choose) Mortgage payable (due in 3...
The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or Nif it is not a liability Item Classification 1. Bonds payable (due in 9 months) 2. Notes payable (due in 120 days) 3. Current portion of long-term debt. 4. Bonds payable (due in 2 years) 5. Notes payable (due in...
iley Ch 5: Homework Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. Goodwill. Salaries and wages payable Accounts payable. Buildings. Equity investments (to be sold within one year). Current maturity of long-term debt. 8. Premium on bonds payable. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. 13. Notes payable (due next year). Supplies 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 9. Allowance for doubtful accounts. 10. Accounts receivable....
HELP FAST PLEASE
The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Trademarks Notes payable (current) Interest revenue Income taxes payable Debt investments (long-term) Unearned sales revenue Inventory Accumulated depreciation Land Common stock Advertising expense Mortgage payable (due in 3 years) Trademark Current Liabilities Notes payat Interest reve Long-term...
The following list of items appear on the balance sheet of Crunched Auto Body Repair Shop, which has a 12-month operating cycle. Select the proper classification of each item as follows: C if it is a current liability, L if it is a non-current liability, or N if it is not a liability. Classification Item a. Wages payable. | b. Notes payable in 60 days. C. Mortgage payable (payments due in the next 12 months). d. Notes receivable in 90...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
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