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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Brief Exercise 1-25 Balance Sheet

Chapter 1, Problem 25BE, Brief Exercise 1-25 Balance Sheet Required: Match each item with its appropriate classification.

Required:

Match each item with its appropriate classification.

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Indicate:

The appropriate classification on the balance sheet for the items given.

Explanation

The appropriate classifications on the balance sheet for the items given are explained as follows:

    S.No.Item Classification
    1Building Building is a property b. Property plant and equipment
    2Copyright Copyright is an intangible assetc. Intangible assets
    3SuppliesSupplies is a current assets which is salable in next year a. Current Assets
    4Unearned Service Revenue Unearned Service Revenue is a current assets which is realizable in next year a. Current Assets
    5Prepaid Insurance Prepaid Insurance is a current assets which is realizable in next year a...

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