Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
26th Edition
ISBN: 9781337498159
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 4, Problem 4.3BPE
To determine
Classified
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
A classified balance sheet is prepared under the following heading:
Assets | Liabilities |
Current assets: | Current liabilities: |
Cash | Accounts payable |
Marketable securities | Interest payable |
Accounts receivable | Unearned revenues |
Inventories | Notes payable |
Prepaid expenses | Current maturities of long-term debt |
Office supplies | Total current liabilities |
Total current assets | |
Investments: | Long-term liabilities: |
Marketable securities | Bonds payable |
Land held for investment | Notes payable |
Total investments | Mortgage payable |
Total long-term liabilities | |
Property, plant and equipment: | |
Land | Owners’ equity: |
Building | Capital |
Equipment | Total Liabilities and Shareholders’ Equity |
Less: |
|
Net property, plant and equipment | |
Intangibles: | |
Copyrights | |
Total Assets |
Table (1)
To Indicate: The category in which the account would appear on a classified balance sheet.
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Chapter 4 Solutions
Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
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