Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable. 5. Buildings. 6. Equity investments (to be sold within one year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.
Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable. 5. Buildings. 6. Equity investments (to be sold within one year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.
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...
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Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified.
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Balance Sheet Accounts
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Balance Sheet Classification
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1.
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2.
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3.
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Salaries and wages payable
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4.
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Accounts payable.
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5.
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Buildings.
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6.
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Equity investments (to be sold within one year).
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7.
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Current maturity of long-term debt.
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8.
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Premium on bonds payable.
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9.
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Allowance for doubtful accounts.
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10.
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Accounts receivable.
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11.
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Cash surrender value of life insurance.
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12.
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Notes payable (due next year).
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13.
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Supplies.
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14.
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Common stock.
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15.
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Land.
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16.
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Bond sinking fund.
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17.
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Inventory.
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18.
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Prepaid insurance.
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19.
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Bonds payable.
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20.
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Income taxes payable.
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