Classifying balance sheet accounts For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X. Land (used in operations) Accumulated Depreciation—Equipment Common Stock Service Revenue Investment in Starbucks Corporation (to be held long-term) Accounts Receivable Equipment Buildings Notes Payable (due in 10 years) Unearned Revenue Cash Accounts Payable Prepaid Rent Dividends Land (held for investment purposes) Depreciation Expense
Classifying balance sheet accounts For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X. Land (used in operations) Accumulated Depreciation—Equipment Common Stock Service Revenue Investment in Starbucks Corporation (to be held long-term) Accounts Receivable Equipment Buildings Notes Payable (due in 10 years) Unearned Revenue Cash Accounts Payable Prepaid Rent Dividends Land (held for investment purposes) Depreciation Expense
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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Classifying balance sheet accounts
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X.
- Land (used in operations)
Accumulated Depreciation —Equipment- Common Stock
- Service Revenue
- Investment in Starbucks Corporation (to be held long-term)
- Accounts Receivable
- Equipment
- Buildings
- Notes Payable (due in 10 years)
- Unearned Revenue
- Cash
- Accounts Payable
- Prepaid Rent
- Dividends
- Land (held for investment purposes)
- Depreciation Expense
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