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Classified balance sheet The following accounts appear in an adjusted trial balance of Bridgewater Consulting. Indicate whether each account would be reported in the (A) Current assets; (B) Property, plant, and equipment; (C) Current liabilities; (D) Long-term liabilities; or (E) Stockholders’ equity section of the December 31, 20Y0, balance sheet of Bridgewater Consulting. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation—Building 4. Cash 5. Common Stock 6. Note Payable (due in ten years) 7. Supplies 8. Wages Payable

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 3BE
Textbook Problem
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Classified balance sheet

The following accounts appear in an adjusted trial balance of Bridgewater Consulting. Indicate whether each account would be reported in the (A) Current assets; (B) Property, plant, and equipment; (C) Current liabilities; (D) Long-term liabilities; or (E) Stockholders’ equity section of the December 31, 20Y0, balance sheet of Bridgewater Consulting.

  1. 1. Accounts Payable
  2. 2. Accounts Receivable
  3. 3. Accumulated Depreciation—Building
  4. 4. Cash
  5. 5. Common Stock
  6. 6. Note Payable (due in ten years)
  7. 7. Supplies
  8. 8. Wages Payable

To determine

Indicate the category in which the account would appear on a classified balance sheet.

Explanation of Solution

Classified balance sheet

Classified Balance Sheet: In order to improve the ease of understanding, a classified balance sheet is used. Classified balance sheet categorizes each item of assets, liabilities, and stockholders ‘equity into a specific category.

A classified balance sheet is prepared under the following heading:

AssetsLiabilities
Current assets:Current liabilities:
CashAccounts payable
Marketable securitiesInterest payable
Accounts receivableUnearned revenues
InventoriesNotes payable
Prepaid expensesCurrent maturities of long-term debt
Office suppliesTotal current liabilities
Total current assets 
Investments:Long-term liabilities:
Marketable securitiesBonds payable
Land held for investmentNotes payable
Total investmentsMortgage payable
 Total long-term liabilities
Property, plant and equipment: 
LandShareholders’ equity:
BuildingCommon stock
EquipmentRetained earnings
Less: Accumulated depreciationTotal shareholders’ equity
Net property, plant and equipmentTotal Liabilities and Shareholders’ Equity
Intangibles: 
Copyrights 
Total Assets 

Table (1)

S. NoAccount nameCategory on a classified balance sheet
1.Accounts payableCurrent liabilities
2.Accounts receivableCurrent assets
3.Accumulated depreciation - BuildingProperty, plant and equipment
4.CashCurrent assets
5.Common stockShareholders’ equity
6...

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Chapter 4 Solutions

Financial And Managerial Accounting
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