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 preferred stock issued | |
| 8 | Dividends in arrears on preferred stock | |
| 9 | Petty cash fund | |
| 10 | Unamortized discount on bonds payable that are due in 2021 | |
| 11 | Common stock at par value | |
| 12 | Bond indenture covenants | |
| 13 | Unamortized premium on bonds payable due in 2024 | |
| 14 | Allowance for doubtful accounts | |
| 15 | Accumulated depreciation—equipment | |
| 16 | Natural resource—timberlands | |
| 17 | Deficit (no net income earned since beginning of company) | |
| 18 | Goodwill | |
| 19 | 90 day notes payable | |
| 20 | Investment in bonds of another company; will be held to 2023 maturity | |
| 21 | Land held for speculation | |
| 22 | Death of company president | |
| 23 | Current maturity of bonds payable | |
| 24 | Investment in subsidiary; no plans to sell in near future | |
| 25 | Accounts payable | |
| 26 | Preferred stock ($10 par) | |
| 27 | Prepaid rent | |
| 28 | Copyright | |
| 29 | Accumulated amortization, patents | |
| 30 | Earnings not distributed to stockholders |
OPTIONS:
Homework Answers
| 1 | Current Liabilties |
| 2 | Current Liabilties |
| 3 | Plant Assets |
| 4 | Other Assets |
| 5 | Current Assets |
| 6 | Current Liabilties |
| 7 | (Additional paid in capital) |
| 8 | Long-term liabilities |
| 9 | Other Assets |
| 10 | Current Liabilties |
| 11 | Capital stock |
| 12 | Long-term liabilities |
| 13 | Long-term liabilities |
| 14 | (Current Assets)-Contra item |
| 15 | (Plant Assets)-Contra item |
| 16 | Other Assets |
| 17 | (Retianed earnings)-Contra item |
| 18 | Intangible Assets |
| 19 | Current Liabilties |
| 20 | Investments |
| 21 | Other Assets |
| 22 | Not Reported on Balance sheet |
| 23 | Notes to Financial statements |
| 24 | Notes to Financial statements |
| 25 | Current Liabilties |
| 26 | Capital stock |
| 27 | Current Assets |
| 28 | Intangible Assets |
| 29 | (Intangible Assets)-Contra |
| 30 | Notes to Financial statements |
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Indicate how each of the following items would be
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usually should be classified. If an item should appear in a note to
the financial statements, select “Note to Financial Statement” to
indicate this fact. If an item needs to be reported on the balance
sheet, select "Balance Sheet" and if an item need not be reported
at all, select “Not to be Reported.”
Need help with number #2-5, 16, 19
1. Prepaid insurance. Balance Sheet Current Assets 2. Stock owned...
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amounts.
We were unable to transcribe this imageLess: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright Patent Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Notes payable Wages payable Accounts payable Rent payable Taxes payable Total current liabilities Long-term liabilities Bonds payable Notes payable Total current liabilities Shareholders' equity Preferred stock Common stock Retained earnings Total liabilities and shareholders' equity Name of Company Balance Sheet At [date] Assets...
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difference beif the company was using perpetual inventory
accounting system ?
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