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Classifications on Balance Sheet A balance sheet may contain the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Contributed capital I. Retained earnings 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. Investments in Marketable Securities _____2. Discount on Bonds Payable (bonds due in 5 years) _____3. Additional Paid-in Capital on Common Stock _____4. Accounts Receivable _____5. Notes Payable (due in 5 years) _____6. Parents (net) _____7. Unrealized Decease in Fair Value of Available-for-Sale Securities _____8. Preferred Stock _____9. Unearned Rent (to be eared within next 6 months) _____10. Accrued Pension Cost _____11. Trademarks _____12. Deficit _____13. Salaries Payable _____14. Land _____15. Investment in Ace Company Preferred Stock (to be hold for 3 years)

BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281
BuyFind

Intermediate Accounting: Reporting...

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

Solutions

Chapter
Section
Chapter 4, Problem 4E
Textbook Problem

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)

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Chapter 4 Solutions

Intermediate Accounting: Reporting And Analysis
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