Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest revenue Furniture Depreciation expense Trademarks (indefinite life) Rent expense Salaries payable Accounts payable Interest expense Mortgage payable, due in 5 years Prepaid rent V. Chehade, drawings Salaries expense Prepaid insurance Cash Accounts receivable Supplies Notes payable, due in 6 months Supplies expense Service revenue Long-term investment Advertising expense Goodwill Utilities expense Notes payable, due in 2 years Unearned revenue Repair parts inventory Patents (finite life) Interest payable

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 7MCQ

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Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear.

	Financial Statement		Code
	Income Statement		I/S
	Balance Sheet		B/S
	Statement of Owner's Equity		O/E

For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a.

	Balance Sheet Classification		Code
	Current Assets		CA
	Long-term Investments		LTI
	Property, Plant and Equipment		PPE
	Intangibles		I
	Goodwill		G
	Current Liabilities		CL
	Non-Current Liabilities		NCL
	Owner's Equity		OE
	Not on the Balance Sheet		n/a

	a.	b.
Accounts in financial statement	Financial Statement	Balance Sheet Classification
Accumulated depreciation – furniture
Interest revenue
Furniture
Depreciation expense
Trademarks (indefinite life)
Rent expense
Salaries payable
Accounts payable
Interest expense
Mortgage payable, due in 5 years
Prepaid rent
V. Chehade, drawings
Salaries expense
Prepaid insurance
Cash
Accounts receivable
Supplies
Notes payable, due in 6 months
Supplies expense
Service revenue
Long-term investment
Advertising expense
Goodwill
Utilities expense
Notes payable, due in 2 years
Unearned revenue
Repair parts inventory
Patents (finite life)
Interest payable

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