Identify the category on the balance sheet (current assets, non-current assets, current liabilities, non-current liabilities, equity)...
Identify the category on the balance sheet (current assets, non-current assets, current liabilities, non-current liabilities, equity) in which each of these items is located.
Accounts Receivable
Barns
Bill owed to utility company
Breeding Cattle
Cash
Debt owed to bank for 30 year mortgage on land
Feed inventory
Fences
Insurance paid for in advance
Land
Machinery
Shed
Tractors
Vehicles
Homework Answers
(i) Accounts Receivable is a Current Asset since it is convertible into cash in less than one year or the normal operating cycle of the company.
(ii) Barns is a non-current asset classified as Tangible asset having useful life, depreciated over its useful life.
(iii) Bill owed to utility company is a current liability because it is payable within the normal operating cycle of the company.
(iv) Cash is a current asset. Current assets also includes Cash and Cash Equivalents.
(v) Debt owed to bank for 30 year mortgage on land is a non-current liability. Since Debt is for 30 years it is recorded as non-current liability.
(vi) Feed Inventory is a current asset because it is intended to sell or consume within next accounting period.
(vii) Fences is a non current asset since it is a cost of improvement of land and it is depreciated over its useful life.
(viii) Insurance paid for in advance is a current asset. Generally, prepaid expenses are used up within one year. Hence, it is a current asset.
(ix) Land, Machinery, Shed, Tractors and Vehicles are Non-current assets. Non-current assets includes all these items. They are tangible fixed assets.
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