Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 3, Problem 7PSB
Summary Introduction
Concept Introduction:
Assets are 2 types 1st current assets and another is noncurrent assets. Noncurrent assets long term investments, Plant assets, Intangible assets. Liabilities are also 2 types 1st current liabilities and another is long term liabilities. Then one thing remains which is equity, which represents the amount invested by the owner into the business.
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In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets E. Current liabilities B. Long-term investments F. Long-term liabilities C. Plant assets G. Equity D. Intangible assets 1. Commissions earned 2. Interest receivable 3. Long-term investment in stock 4. Prepaid insurance (4 months of rent) 5. Machinery 6. Notes payable (due in 15 years) 7. Copyrights 8. Current portion of long-term note payable 9. Accumulated depreciation—Trucks 10. Office equipment 11. Rent receivable 12. Salaries payable 13. Income taxes payable (due in 11 weeks) 14. Owner, Capital 15. Office supplies 16. Interest payable 17. Rent revenue 18. Notes receivable (due in 120 days) 19. Land (used in operations) 20. Depreciation expense—Trucks
The following are the typical classifications used in a balance sheet:
a.
Current assets
f.
Current liabilities
b.
Investments
g.
Long-term liabilities
c.
Property, plant, and equipment
h.
Paid-in capital
d.
Intangible assets
i.
Retained earnings
e.
Other assets
Required:For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)
Interest Payable __
Franchise __
Accumulated Depreciation __
Prepaid Insurance (for 2022) __
Bonds Payable (due in 10 years) __
Current Maturities of Long-Term Debt __
Notes Payable (due in 3 months) __
Long-Term Receivables __
Restricted Cash (which will be used to retire bonds in 10 years) __
Supplies __
Machinery __
Land (used in operations) __
Deferred Revenue (for 2022) __
Copyrights __
Common Stock __
Land (held for speculation) __
Cash equivalents __
Salaries Payable __
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
Chapter 3 Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - Prob. 5DQCh. 3 - What contra account is used when recording...Ch. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - What are the steps in recording closing entries?Ch. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - What is the purpose of the Income Summary account?Ch. 3 - Explain whether an error has occurred if a...Ch. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Prob. 25DQCh. 3 - Prob. 26DQCh. 3 - Prob. 27DQCh. 3 - Refer to Googles most recent balance sheet in...Ch. 3 - Prob. 29DQCh. 3 - Prob. 1QSCh. 3 - In its first year of operations, Roma Company...Ch. 3 - Classify the following adjusting entries as...Ch. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - For each separate case below, follow the...Ch. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - In making adjusting entries at the end of its...Ch. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 23QSCh. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Extending accounts in a work sheet P7 The Adjusted...Ch. 3 - Prob. 27QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Interpreting unadjusted and adjusted trial...Ch. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - The adjusted trial balance for Anara Co. as of...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTNCh. 3 - Prob. 7BTNCh. 3 - Select a company that you can visit in person or...Ch. 3 - Prob. 9BTN
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