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- Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. MachineryFor each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. SuppliesFor each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue
- Indicate (by choosing the appropriate letter) whether each of the following would be reported in the section of financial statements identified as: (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, (e) expense, or (f) long-term liabilities. (An item may be used multiple times) (1) ____ Accumulated depreciation-Truck (2) ____ Rent expense (3) ____ Fees earned (4) ____ Salaries payable (5) ____ Prepaid rent (6) ____ Store supplies (7) ____ Advertising expense (8) ____ Unearned rent (9) ____ Note payable (all of it is due in 2025) (10) ____ TruckIndicate where the following items will be shown in the balance sheet. a) Insurance paid for the next year b) Loan from HDFC bank for 7 years c) Interest due on loan d) Provision for doubtful debtors e) Accumulated depreciation on vehicle f) Debit balance in A/c of C who is a supplierIn the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets B. Long-term investments C. Plant assets D. Intangible assets E. Current liabilities F. Long-term liabilities G. Equity 1. Long-term investment in stock 2. Depreciation expense—Building 3. Prepaid rent (2 months of rent) 4. Interest receivable 5. Taxes payable (due in 5 weeks) 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Owner, Capital 11. Unearned services revenue 12. Accumulated depreciation—Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land (used in operations) 18. Repairs expense 19. Office supplies 20. Current portion of long-term note payable
- Identify each of the following items relating to sections of a balance sheet as Current Assets (CA), Property and Equipment (PE), Current Liabilities (CL), Long-Term Liabilities (LTL), or Owner's Equity (OE). Accounts Payable Equipment Accounts Receivable Prepaid Insurance Mortgage Payable (current) Office Supplies Mortgage Payable (due in 3 years) Unearned Rent B. Marley, Capital Notes Payable (due in 3 months)Match the correct answer with these terms : cash, cell, SL depreciation, tangible, fiscal, a calender, cost, replacement cost, liabilities, GAAP It assumes that an equal share of the total depreciation is taken each year during the assets life. Answer 1 Is a one-year period that companies use for financial reporting Answer 2 A set of rules used as a basis for financial reporting Answer 3 Assets having physical substance or form. Answer 4 The amount creditors expect you to pay in the future Answer 5 The value of what was given up to acquire the item. Answer 6 The asset was valued at the amount it would cost to replace the asset Answer 7 The accounting system that records revenue when cash is received from customers and expenses when cash is paid Answer 8 The intersection of a column and row. Answer 9 A one-year accounting period ends that occurs at December 31. Answer 10Ma3. For each one, select: a. operational activities b. Investment activities c. Financial activities d. Operational part, investment part e. Financing part, operational part ____1. Costs incurred to settle a long-term debt ____2.Balance of some zero-coupon bonds, five years from its maturity date ____3.Compensation received from an insurance company for the destruction of a warehouse and the inventory that was stored there ____4.Money received as a result of canceling a life insurance policy in which the company was the beneficiary. ____5.Premiums paid for a life insurance policy in which the company was beneficiary. ____6. Dividend received from an investment in common stock accounted for with the equity method.
- Where they should be recorded? Write CA for current assets, NA for non-current assets and L for liabilities. 1. Taxes 2. Accounts Payable 3. Supplied 4. Land 5. Building 6. Accounts Receivable 7. Equipment 8. Cash 9. Rents 10. Loan from BanksA) Which of the following would not be included as a current liability? (Land loan, Land loan payable this year, account payable, and operating line of credit) B) Balance sheet summarizes the assets and liabilities of the business and is used to measure both what?Please tell me if the following are an asset, liability or equity account and if they are real or nominal 1) Accounts payable 2) Service fees revenues 3) Tax expense 4) Cash 5) Interest receivable 6) Accounts receivable 7) Smith, drawings 8) Retained earnings 9) Depreciation expense 10) Interest income (also what is interest income? Example? is a DR or CR balance?)
