Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the itemtypically would best appear. If an item does not appear on the balance, indicate that instead.Account Title1. Notes receivable (due in 2 years)2. Trademarks3. Cash4. Patents5. Interest receivable6. Machinery7. Prepaid rent (2 months of Rent)8. Equipment9. Repairs expense10. LandClassificationAccount Title11. Depreciation expense Building12. Office equipment13. Prepaid Insurance (expires in 5 months)14. Buildings15. Bonds payable (due in 10 years)16. Trucks17. Mortgages payable (due in 6 years)18. Automobiles19. Notes payable (due in 3 years)20. Utilities expenseClassification

Current Assets: These are those assets which are expected to be converted into cash within 12 months…

Answered: Common categories of a classified…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 13DQ: Define current assets and current liabilities. Why are current assets and current liabilities...

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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights Classification
The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required:For each of the following 2021 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.) Interest Payable __ Franchise __ Accumulated Depreciation __ Prepaid Insurance (for 2022) __ Bonds Payable (due in 10 years) __ Current Maturities of Long-Term Debt __ Notes Payable (due in 3 months) __ Long-Term Receivables __ Restricted Cash (which will be used to retire bonds in 10 years) __ Supplies __ Machinery __ Land (used in operations) __ Deferred Revenue (for 2022) __ Copyrights __ Common Stock __ Land (held for speculation) __ Cash equivalents __ Salaries Payable __
The following are common categories on a classified balance sheet. A. Current assets C. Plant assets E. Current liabilities B. Long-term investments D. Intangible assets F. Long-term liabilities For each of the following items, select the letter that identifies the balance sheet category where the item typically would best appear. 1. Land held for future expansion 5. Accounts payable 2. Notes payable (due in five years) 6. Store equipment 3. Accounts receivable 7. Wages payable 4. Trademarks 8. Cash
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Trucks 2. Mortgages payable (due in 6 years) 3. Automobiles 4. Notes payable (due in 3 years) 5. Utilities expense 6. Services revenue 7. Notes receivable (due in 2 years) 8. Interest payable (due in 1 week) 9. Long-term investment in stock 10. Wages payable Classification Account Title 11. Office supplies 12. Salaries payable 13. Merchandise inventory 14. Supplies 15Rental revenue 16. Unearned revenue 17. Accounts receivable 18. Accounts payable 19. Short-term investments 20. Taxes payable (Due in 5 weeks) Classification
LO1 - Describe the specific elements of the balance sheet (assets, liabilities, and owners’ equity), and prepare a balance sheet with assets and liabilities properly classified into current and noncurrent categories. A balance sheet contains the following classifications: (a) Current assets (b) Investments (c) Property, plant, and equipment (d) Intangible assets (e) Other noncurrent assets (f) Current liabilities (g) Long-term debt (h) Other noncurrent liabilities (i) Capital stock (j) Additional paid-in capital (k) Retained earnings Indicate by letter how each of the following accounts would be classified. Place a minus sign (-) for all accounts representing offset or contra balances. Discount on Bonds Payable Stock of Subsidiary Corporation 3.12% Bonds Payable (due in six months) U.S. Treasury Bills Income Taxes Payable Sales Taxes Payable Estimated Claims under Warranties for Service and Replacements Par Value of Stock Issued and Outstanding Unearned Rent Revenue (six months…
The following are the typical classifications used in a balance sheet: 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 a. 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.) 1. C Equipment 10. ſa Inventory ces 2. t Accounts payable 11. Patent 3. lа Allowance for uncollectible accounts Land (used in operations) a 12. 4. b Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. g Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. h Common stock 7. f Notes payable (due in 6 months) 16. Building (used in operations) 8. i vAccumulated amount of net income less dividends 17. a Cash 9. b Investment in XYZ…
Common categories of a classified balance sheet Include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, Identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights
Which group of items would most likely be included in the other assets account onthe balance sheet?a) Inventories, marketable securities, bonds.b) Land held for investment purposes and long-term prepayments.c) One-year prepaid insurance policy, stock investments, copyrights.d) Inventories, franchises, patents.
Indicate how the accounts normally should be categorized on a classified balance sheet. Also indicate whether the account normally has a debit or credit balance. (1) Notes and Loans Payable (short-term) (2) Intangible Assets (3) Long-Term Debt (4) Property, Plant, and Equipment (5) Retained Earnings (6) Investments (long-term) (7) Additional Paid-in Capital Balance Sheet Classification Debit or Credit Balance
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance sheet, indicate that instead. Account Title Classification Account Title Classification 1. Machinery - 11. Supplies 2. Salaries payable 12. Goodwill 3. Merchandise inventory 13. Office supplies 4. Interest receivable 14. Franchises 5. Rental revenue 15. Store supplies 6. Unearned revenue 16. Copyrights 7. Accounts receivable 17. Prepaid Insurance (expires in 5 months) 8. Accounts payable 18. Trademarks 9. Short-term investments 19. Cash 10. Taxes payable (Due in 5 weeks) 20. Patents
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Classification 1. Long-term investment in stock Long-term investments 2. Depreciation expense-Building 3. Prepaid rent (2 months of rent) 4. Interest receivable Current assets 5. Taxes payable (due in 5 weeks) Current liabilities 6. Automobiles Plant assets 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Patents Account Title Long-term liabilities Current liabilities Current assets Intangible assets Account Title 11. Uneamed services revenue 12. Accumulated depreciation-Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land 18. Repairs expense 19. Office…
Which of the following describes how assets are listed onthe balance sheet?a. In alphabetical order.b. In order of magnitude, lowest value to highestvalue.c. In the order they will be used up or turned intocash.d. From least current to most current

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