Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (P2-1)
According to a recent Form 10-K report of Mattel, Inc.. the company “designs, manufactures, and markets a broad variety of toy products worldwide. “Mattel’s brands include Barbie. Hot Wheels, Fisher Price toys, and American Girl brand dolls and accessories. The following are several of the accounts from a recent balance sheet:
| Balance Sheet Classification | Debit or Credit Balance |
(1) Prepaid Expenses |
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(2) Inventories |
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(3) Accounts Receivable |
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(4) Long-Term Debt |
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(5) Cash and Cash Equivalents |
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(6) Goodwill (an intangible asset) |
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(7) Accounts Payable |
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(8) Income Taxes Payable |
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(9) Property, Plant, and Equipment |
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(10) Retained Earnings |
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(11) Contributed Capital |
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(12) Short-Term Borrowings |
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(13) Accrued Liabilities |
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Required:
Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset. NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability, and SE for stockholders’ equity. Also indicate whether the account normally has a debit or credit balance.
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