Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Other assets Current Liabilities Long-term Liabilities Retained earnings Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No

Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Other assets Current Liabilities Long-term Liabilities Retained earnings Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter2: The Basics Of Record Keeping And Financial Statement Preparation: Balance Sheet

Section: Chapter Questions

Problem 8E

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