Indicate how each of the following items would be classified on a statement of financial position prepared at December 31, 2022. If a contra account, or any amount that is negative or opposite the normal balance, use the term with parentheses. 1. Accrued salaries and wages select a classification 2. Rental revenues for 3 months collected in advance select a classification 3. Land used as plant site select a classification 4. Equity securities classified as trading select a classification 5. Cash select a classification 6. Accrued interest payable due in 30 days select a classification 7. Share premium–preference shares select a classification 8. Warranty liability select a classification 9. Currency held in the cash register select a classification 10. Ordinary shares select a classification 11. Long-term debt covenants
Indicate how each of the following items would be classified on a statement of financial position prepared at December 31, 2022. If a contra account, or any amount that is negative or opposite the normal balance, use the term with parentheses. 1. Accrued salaries and wages select a classification 2. Rental revenues for 3 months collected in advance select a classification 3. Land used as plant site select a classification 4. Equity securities classified as trading select a classification 5. Cash select a classification 6. Accrued interest payable due in 30 days select a classification 7. Share premium–preference shares select a classification 8. Warranty liability select a classification 9. Currency held in the cash register select a classification 10. Ordinary shares select a classification 11. Long-term debt covenants
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
Related questions
Question
Indicate how each of the following items would be classified on a
1.
|
Accrued salaries and wages
|
select a classification
|
||
---|---|---|---|---|
2.
|
Rental revenues for 3 months collected in advance
|
select a classification
|
||
3.
|
Land used as plant site
|
select a classification
|
||
4.
|
Equity securities classified as trading
|
select a classification
|
||
5.
|
Cash
|
select a classification
|
||
6.
|
Accrued interest payable due in 30 days
|
select a classification
|
||
7.
|
|
select a classification
|
||
8.
|
Warranty liability
|
select a classification
|
||
9.
|
Currency held in the cash register
|
select a classification
|
||
10.
|
Ordinary shares
|
select a classification
|
||
11.
|
Long-term debt covenants
|
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