menu
bartleby
search
close search
Hit Return to see all results
Subscribe
Sign in

Business
AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

close solutoin list
Chapter 4, Problem 4E
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 29GI
Problem 30GI
Problem 31GI
Problem 32GI
Problem 33GI
Problem 34GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
1 views

Classifications on Balance Sheet A balance sheet may contain the following major sections:

  1. A. Current assets
  2. B. Long-term investments
  3. C. Property, plant, and equipment
  4. D. Intangible assets
  5. E. Other assets
  6. F. Current liabilities
  7. G. Long-term liabilities
  8. H. Contributed capital
  9. I. Retained earnings
  10. J. Accumulated other comprehensive income

Required:

The following is a list of accounts. Using the letters A through J, indicate in which section of the balance sheet each account would most likely be classified. Also indicate with a check mark (✓) any item that is a contra account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.

  1. _____1. Investments in Marketable Securities
  2. _____2. Discount on Bonds Payable (bonds due in 5 years)
  3. _____3. Additional Paid-in Capital on Common Stock
  4. _____4. Accounts Receivable
  5. _____5. Notes Payable (due in 5 years)
  6. _____6. Parents (net)
  7. _____7. Unrealized Decease in Fair Value of Available-for-Sale Securities
  8. _____8. Preferred Stock
  9. _____9. Unearned Rent (to be eared within next 6 months)
  10. _____10. Accrued Pension Cost
  11. _____11. Trademarks
  12. _____12. Deficit
  13. _____13. Salaries Payable
  14. _____14. Land
  15. _____15. Investment in Ace Company Preferred Stock (to be hold for 3 years)

To determine

Indicate in which section of the balance sheet each account is classified, also indicate with a check mark (✓) for the contra account and indicate with an (X) and explain if an account cannot be classified in any of the preceding sections.

Explanation

Current Assets: Current assets are the assets that are easily convertible to cash within a year of business operations. For example, cash and cash equals, Account receivables, Inventories, Prepaid Expenses.

Current Liabilities: The short-term legal agreements which are required to be paid within one year are referred as current liabilities.

Long-term Liabilities: The liabilities which have a longer maturity period (more than one year) are referred as long-term liabilities.

Property, plant, and equipment: These assets are long lived economic resources which are owned by the company, these asset accounts are increased by the debits and decreased by the credits.  Thus, these asset accounts normally show debit balances (balance sheet).

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited life is not amortized.

Retained earnings: Retained earnings are that portion of profits which are earned by a company but not distributed to stockholders in the form of dividends. These earnings are retained for various purposes like expansion activities, or funding any future plans.

Indicate in which section of the balance sheet each account is classified, also indicate with a check mark (✓) for the contra account and indicate with an (X) and explain if an account cannot be classified in any of the preceding sections:

Account NumberClassification of balance sheet
1...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution
arrow_back
Chapter 4,
Problem 3E
Chapter 4,
Problem 5E
arrow_forward

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 4 Solutions

Show all chapter solutions add
Ch-4 P-1GICh-4 P-2GICh-4 P-3GICh-4 P-4GICh-4 P-5GICh-4 P-6GICh-4 P-7GICh-4 P-8GICh-4 P-9GICh-4 P-10GI
Ch-4 P-11GICh-4 P-12GICh-4 P-13GICh-4 P-14GICh-4 P-15GICh-4 P-16GICh-4 P-17GICh-4 P-18GICh-4 P-19GICh-4 P-20GICh-4 P-21GICh-4 P-22GICh-4 P-23GICh-4 P-24GICh-4 P-25GICh-4 P-26GICh-4 P-27GICh-4 P-28GICh-4 P-29GICh-4 P-30GICh-4 P-31GICh-4 P-32GICh-4 P-33GICh-4 P-34GICh-4 P-1MCCh-4 P-2MCCh-4 P-3MCCh-4 P-4MCCh-4 P-5MCCh-4 P-6MCCh-4 P-7MCCh-4 P-8MCCh-4 P-9MCCh-4 P-10MCCh-4 P-1RECh-4 P-2RECh-4 P-3RECh-4 P-4RECh-4 P-5RECh-4 P-6RECh-4 P-7RECh-4 P-8RECh-4 P-9RECh-4 P-10RECh-4 P-1ECh-4 P-2ECh-4 P-3ECh-4 P-4ECh-4 P-5ECh-4 P-6ECh-4 P-7ECh-4 P-8ECh-4 P-9ECh-4 P-10ECh-4 P-11ECh-4 P-12ECh-4 P-1PCh-4 P-2PCh-4 P-3PCh-4 P-4PCh-4 P-5PCh-4 P-6PCh-4 P-7PCh-4 P-8PCh-4 P-9PCh-4 P-10PCh-4 P-11PCh-4 P-12PCh-4 P-13PCh-4 P-14PCh-4 P-15PCh-4 P-16PCh-4 P-17PCh-4 P-18PCh-4 P-1CCh-4 P-2CCh-4 P-3CCh-4 P-4CCh-4 P-5CCh-4 P-6CCh-4 P-7CCh-4 P-8CCh-4 P-9C

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Based on the data in Exercise 4-25, prepare the two closing entries for Alert Security Services Co.

Financial Accounting

What is the role of materials requisition forms in a job-order costing system? Time tickets? Predetermined over...

Managerial Accounting: The Cornerstone of Business Decision-Making

Capital expenditures budget On January 1, 20Y6, the controller of Omicron Inc. is planning capital expenditures...

Financial & Managerial Accounting

Five measures of solvency or profitability The balance sheet for Garcon Inc. at the end of the current fiscal y...

Accounting

Direct labor costs During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,00...

Financial And Managerial Accounting

Comprehensive Problem 2 8. Net income: 741,455 Palisade Creek Co. is a retail business that uses the perpetual...

Corporate Financial Accounting

LO6 Pinto Company made the following adjusting entries at the end of the year. It is Pintos fifth year in opera...

College Accounting, Chapters 1-27

Can a turnaround document contain information that is subsequently used as a source document? Why or why not?

Accounting Information Systems

You can learn whether your listening skills are excellent or deficient by completing a brief quiz. YOUR TASK. T...

Essentials of Business Communication (MindTap Course List)

According to the quantity theory of money, which variable in the quantity equation is most stable over long per...

Brief Principles of Macroeconomics (MindTap Course List)

The Enterprise Risk Management (ERM) framework introduced in Chapter 7 can be used by management to make decisi...

Accounting Information Systems

BOND VALUATION An investor has two bonds in her portfolio. Bond C and Bond Z. Each bond matures in 4 years, has...

Fundamentals of Financial Management (MindTap Course List)

Would trade-diversion and trade-creation effects occur if the whole world became a free trade area? Explain.

Economics:

Can Management Afford to Look the Other Way?" Harry Rull had been with Shellington Pharmaceuticals for 30 years...

Management, Loose-Leaf Version

REQUIRED LUMP SUM PAYMENT Starting next year, you will need 5,000 annually for 4 years to complete your educati...

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

Describe the four variables of the marketing mix.

Contemporary Marketing

Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth?

Principles of Macroeconomics (MindTap Course List)

An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot dogs were ...

Essentials of Economics (MindTap Course List)

What is a hostile takeover? How is it different from a friendly merger or acquisition?

Foundations of Business (MindTap Course List)

Why do economists make assumptions?

Principles of Microeconomics (MindTap Course List)

Figure 4 shows that for any given demand curve for the right to pollute, the government can achieve the same ou...

Principles of Economics (MindTap Course List)

(Substitutes and Complements) For each of the following pair of goods, determine whether the goods are substitu...

ECON MICRO

The Commerce Department reported receiving the following applications for the Malcolm Baldrige National Quality...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

(Income Elasticity of Demand) Calculate the income elasticity of demand for each of the following goods: Quanti...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

(Opportunity Cost) You can spend spring break either working at home for $80 per day for five days or go to Flo...

ECON MACRO

Describe how some marketers are reconceptualizing the consumer decision-making process.

MKTG 12:STUDENT ED.-TEXT

The account balances of Miss Beverlys Tutoring Service as of June 30, the end of the current fiscal year, are a...

College Accounting (Book Only): A Career Approach

The transactions completed by PS Music during June 2016 were described at the end of Chapter 1. The following t...

Accounting (Text Only)

Fair value journal entries, available-for-sale investments The investments of Steelers Inc. include a single in...

Financial & Managerial Accounting

In the closing procedure, what happens to (a) Purchases Discounts, (b) Sales Returns and Allowances, (c) Freigh...

College Accounting (Book Only): A Career Approach

In recording 400 fees earned on account during a single month, how many times will it be necessary to write Fee...

Financial Accounting

How should the capital structure weights used to calculate the WACC be determined?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

The following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and D...

Statistics for Business & Economics, Revised (MindTap Course List)

Suppose the price of a one-way bus trip from Los Angeles to New York City is $150.00. Sarah, a school teacher, ...

Exploring Economics

AFTER-TAX COST OF DEBT The Heuser Companys currently outstanding bonds have a 10% coupon and a 12% yield to mat...

Fundamentals of Financial Management (MindTap Course List)

A proportionate distribution of shares of a corporations own stock to its stockholders is called a(n) (a) stock...

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Suppose the Federal Reserves policy is to maintain low and stable inflation by keeping unemployment at its natu...

Principles of Macroeconomics (MindTap Course List)

Referring to Appendix 9A, distinguish among data encryption, public key cryptography, and digital signatures.

Pkg Acc Infor Systems MS VISIO CD

Refer to Problem 2-18B. Assume that Nelson had agreed with her employer prior to the performance of the work th...

PAYROLL ACCT.,2019 ED.(LL)-TEXT

Amortize premium by interest method Shunda Corporation wholesales parts to appliance manufacturers. On January ...

Corporate Financial Accounting

What types of transactions give rise to accounts receivable?

Survey of Accounting (Accounting I)

What are the main characteristics of a lean supply system? What are the barriers to a lean supply system?

Purchasing and Supply Chain Management

Consider the following actions associated with a cost management information system: a. Eliminating a non-value...

Cornerstones of Cost Management (Cornerstones Series)

Total industry sales are 105 million. The top four firms account for sales of 10 million, 9 million, 8 million,...

Economics (MindTap Course List)

Insert semicolons, colons, and commas where needed, and delete them where they are unnecessary. Write correct i...

Bcom

As shown in Exhibit 7, if Wilbur has the property right to have no planes flying over his house but Orville is ...

Economics For Today

A textile company produces shirts and pants. Each shirt requires three square yards of cloth, and each pair of ...

Practical Management Science

Some economists have argued that, because domestic consumers gain more from free trade than domestic producers ...

Microeconomics

Show graphically how fiscal policy works in the ideal case.

Macroeconomics

bartleby
© bartleby 2019