FADM Ch3 Assignemnt

Satisfactory Essays

Financial Accounting for decision making Chapter 3 Homework 3-2. Are the following balance sheet items (A) assets, (L) liabilities, or (E) stockholders’ equity? A: Assests Liabilities Stockholder’s equity: c: Investments in stock d: Cash e: Land f: Inventory h: Marketable securities i: Patents m: Taxes payable p: Prepaid expenses q: Goodwill r: Tools s: Buildings a: Cash dividends payable b: Mortgage notes payable g: Unearned rent n: Account payable. o: Organizational costs j: Capital stock k: Retained earnings. l: Accounts receivable 3-4: Usually current assets are listed in specific order, starting with cash. What is the objective of this order of listing? A: The objective of this order of listing is the ability with which they …show more content…

855 LIABILITIES AND STOCKHOLDERS’ EQUITY: Current Liabilities: Accounts payable $ 77,916 Accrued expenses 23,952 Unearned transportation revenue 6,808 Current installments of long-term debt 36,875 Total current liabilities $ 145,551 Long-term debt, less current portion 393,808 Deferred income taxes 42,070 Stockholders’ equity: Common stock (par $0.50) $ 7,152 Capital in excess of par

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