Asked Oct 26, 2019

Classifying Liability-Related Accounts into Balance Sheet or Income Statement
Indicate the proper financial statement classification (balance sheet or income statement) for each of the following liability-related accounts.

Account Financial Statement
a. Gain on Bond Retirement  
b. Discount on Bonds Payable  
c. Mortgage Notes Payable  
d. Bonds Payable  
e. Bond Interest Expense  
f. Bond Interest Payable (due next period)  
g. Premium on Bonds Payable  
h. Loss on Bond Retirement  

Expert Answer

Step 1

Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and specify the other subparts (up to 3) you’d like answered

Step 2

Any account which is nominal in nature is presented in the income statement. The item which will impact the profitability of the ente...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Final Accounts for Companies

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Exercise 7-03 Listed below are five procedures followed by Eikenberry Company.Indicate whether eac...

A:  Accounting principle: These are the guidelines which are to be applied while preparing the accounti...


Q: How would i find the effect on the profit?

A: 1. Incremental effect on profit.


Q: Silver Head Company is a manufacturer of kitchen utensils. It produces all of its products in one de...

A: Equivalent Units: An equivalent unit of production is an indication of the amount of work done by ma...


Q: You are considering purchasing a bond. The bond will pay you $100 at the end of each year for 20 yea...

A: Time value of money: Time value of money is a vital concept to the investors, as it suggests them th...


Q: Problem #1  Record the following transactions for Porter Hospital, a private, nonprofit hospital:   ...

A: Journal entries: Journal entries are recorded for every business transaction. It is the first step f...


Q: On January 1st, 2018, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organiz...

A: Net income:The net income is the profit generated in the business over particular period of time. Ne...


Q: conduct horizontal and vertical analyses for the balance sheet and income statement accounts and rep...

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...


Q: What is a managerial accounting

A: Managerial accounting is like a tool to help management in effective planning and control over the c...


Q: On June 3, Concord Company sold to Chester Company merchandise having a sale price of $3,300 with te...

A: Accounts Receivable: Accounts receivables represent the amount of money owed by one business to anot...