GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
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Textbook Question
Chapter 2, Problem 2.1P
Identifying Accounts on a Classified
Exxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil. natural gas. and petroleum products in the United States and around the world. The following are accounts from a recent balance sheet of Exxon Mobil Corporation:
| Balance Sheet Classification | Debit or Credit Balance | |
| (1) Notes and Loans Payable (short-term) | ||
| (2) Materials and Supplies | ||
| (3) Common Stock | ||
| (4) Patents (an intangible asset) | ||
| (5) Income Taxes Payable | ||
| (6) Long-Term Debt | ||
| (7) Marketable Securities (short-term investments) | ||
| (8) Property. Plant, and Equipment | ||
| (9) |
||
| (10) Notes and Accounts Receivable (short-term) | ||
| (11) Investments (long-term) | ||
| (12) Cash and Cash Equivalents | ||
| (13) Accounts Payable | ||
| (14) Crude Oil Products and Merchandise | ||
| (15) Additional Paid-in Capital |
Required:
For each account, indicate how it normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset. CL for current liability. NCL for noncurrent liability, and SE for stockholders’ equity. Also indicate whether the account normally has a debit or credit balance.
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Classifying balance sheet accounts
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Visit the website of the US Securities and Exchange Commission (SEC) https://www.sec.gov/edgar/searchedgar/companysearch.html Search for the latest Form 10-K for a company you would like to analyze. Submit a short memo that
A. Includes the name of the company you have chosen.B. Review the company’s end-of-period Balance Sheet to determine the following:
Total assets
Total liabilities
Total equity
C. Compare beginning and ending Assets totals and discuss the amount of change.D. Compare beginning and ending Liabilities totals and discuss the amount of change.E. Compare beginning and ending Equity totals and discuss the amount of change.
Please provide a link to the company’s Form 10-K to allow accurate verification of your answers.
Classifying Balance Sheet Accounts
Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer..
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Balance Sheet Classification
a. Current assets.
g. Long-term liabilities.
b. Investments.
h. Paid-in capital.
c. Property, plant, and equipment.
i. Retained earnings.
d. Intangible assets.
j. Accumulated other comprehensive income.
e. Other assets.
k. Noncontrolling interests.
f. Current liabilities.
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Balance Sheet Item
Classification
Contra account
1. Accumulated depreciation.
Answer
Answer
2. Bonds payable (due in 10 years).
Answer
Answer
3. Accounts payable (trade).
Answer
Answer
4. Investment in stock of another company (long-term holding).
Answer
Answer
5. Land (in use).
Answer
Answer
6.…
Chapter 2 Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
Ch. 2 - Prob. 1QCh. 2 - Define the following: a. Asset b. Current asset c....Ch. 2 - Explain what the following accounting terms mean:...Ch. 2 - Why are accounting assumptions necessary?Ch. 2 - For accounting purposes, what is an account?...Ch. 2 - What is the fundamental accounting model?Ch. 2 - Prob. 7QCh. 2 - Explain what debit and credit mean.Ch. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - How is the current ratio computed and interpreted?Ch. 2 - Prob. 14QCh. 2 - Prob. 1MCQCh. 2 - Which of the following is not an asset? a....Ch. 2 - Total liabilities on a balance sheet at the end of...Ch. 2 - The dual effects concept can best be described as...Ch. 2 - The T-account is a tool commonly used for...Ch. 2 - Prob. 6MCQCh. 2 - The Cash T-account has a beginning balance of...Ch. 2 - Prob. 8MCQCh. 2 - At the end of a recent year, The Gap, Inc.,...Ch. 2 - Prob. 10MCQCh. 2 - Matching Definitions with Terms Match each...Ch. 2 - Matching Definitions with Terms Match each...Ch. 2 - Identifying Events as Accounting Transactions...Ch. 2 - Classifying Accounts on a Balance Sheet The...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Prob. 2.6MECh. 2 - Prob. 2.7MECh. 2 - Prob. 2.8MECh. 2 - Prob. 2.9MECh. 2 - Prob. 2.10MECh. 2 - Prob. 2.11MECh. 2 - Computing and Interpreting the Current Ratio...Ch. 2 - Identifying Transactions as Investing or Financing...Ch. 2 - Matching Definitions with Terms Match each...Ch. 2 - Identifying Account Titles The following are...Ch. 2 - Classifying Accounts and Their Usual Balances As...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Recording Investing and Financing Activities Refer...Ch. 2 - Prob. 2.7ECh. 2 - Recording Investing and Financing Activities...Ch. 2 - Analyzing the Effects of Transactions In...Ch. 2 - Analyzing the Effects of Transactions In...Ch. 2 - Prob. 2.11ECh. 2 - Inferring Investing and Financing Transactions and...Ch. 2 - Recording Journal Entries Nathanson Corporation...Ch. 2 - Prob. 2.14ECh. 2 - Analyzing the Effects of Transactions Using...Ch. 2 - Prob. 2.16ECh. 2 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Inferring Typical Investing and Financing...Ch. 2 - Prob. 2.20ECh. 2 - Identifying the Investing and Financing Activities...Ch. 2 - Prob. 2.22ECh. 2 - Identifying Accounts on a Classified Balance Sheet...Ch. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.5PCh. 2 - Prob. 2.6PCh. 2 - Prob. 2.1APCh. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Recording Transactions in T-Accounts, Preparing...Ch. 2 - Prob. 2.4APCh. 2 - Accounting for the Establishment of a New Business...Ch. 2 - Prob. 2.1CPCh. 2 - Prob. 2.2CPCh. 2 - Prob. 2.3CPCh. 2 - Prob. 2.4CPCh. 2 - Prob. 2.5CPCh. 2 - Prob. 2.6CPCh. 2 - Prob. 2.7CPCh. 2 - Prob. 2.8CP
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