he current balance sheet of JJ. Arvesen Company contains the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Contributed capital I. Retained earnings J. Accumulated other comprehensive income he following is a list of accounts. Using the letters A through 3, indicate in which section of the balance sheet each account would most likely be dassified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the lassification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". Contra or Account Classification Deducted (Yes/No) 1. Patents (net) 2. Income taxes payable B. Notes receivable (due in 5 months) . Unearned rent 5. Discount on bonds payable (long-term bonds) 5. Computer Equipment in the Data processing center 7. Furniture B. Land held for future expansion 9. Timberland (net) 10. Treasury stock, at cost 11. Advances to sales personnel

he current balance sheet of JJ. Arvesen Company contains the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Contributed capital I. Retained earnings J. Accumulated other comprehensive income he following is a list of accounts. Using the letters A through 3, indicate in which section of the balance sheet each account would most likely be dassified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the lassification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". Contra or Account Classification Deducted (Yes/No) 1. Patents (net) 2. Income taxes payable B. Notes receivable (due in 5 months) . Unearned rent 5. Discount on bonds payable (long-term bonds) 5. Computer Equipment in the Data processing center 7. Furniture B. Land held for future expansion 9. Timberland (net) 10. Treasury stock, at cost 11. Advances to sales personnel

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.17E: Financial statements Each of the following items is shown in the financial statements of ExxonMobil...

See similar textbooks

Similar questions

Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expenses
Financial statement items Identify each of the following items as (a) an asset, (h) a liability, (c) revenue, (d) an expense, or (e) a dividend:
Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
Using the following Balance Sheet summary information, calculate for the two companies presented: A. working capital B. current ratio
Accounting equation The total assets and total liabilities (in millions) of McDonalds Corporation (MCD) and Star-bucks Corporation (SBUX) follow:
On which financial statement would the Accumulated Depreciation account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): Using your answers to MBA 1-3, compare the markup percentages and return on assets for Hershey and Tootle Roll.
On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
The chart of accounts lists capital accounts first, followed by liabilities, assets, expenses, and revenue.