GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
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Chapter 5, Problem 5.4E
To determine
Arrange the titles of
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The following are the typical classifications used in a balance sheet:
Current assets
b. Investments
c. Property, plant, and equipment
d. Intangible assets
e. other assets
f. Current liabilities
g. Long-term liabilities
h. Paid-in capital
i. Retained earnings
a.
Required:
For each of the following 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.)
1. C
Equipment
10. Å¿a
Inventory
ces
2. t
Accounts payable
11.
Patent
3. lа
Allowance for uncollectible accounts
Land (used in operations)
a
12.
4. b
Land (held for investment)
13.
Accrued liabilities (due in 6 months)
5. g
Notes payable (due in 5 years)
14.
Prepaid rent (for the next 9 months)
6.
Deferred revenue (for the next 12 months)
15. h
Common stock
7. f
Notes payable (due in 6 months)
16.
Building (used in operations)
8. i
vAccumulated amount of net income less dividends
17. a
Cash
9. b
Investment in XYZ…
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets Current LiabilitiesLong-Term Liabilities, and EquityFor each of the following items, Identify the balance sheet category where the item typically would best appearIf an item does not appear on the balance sheetIndicate that instead.
In the balance sheet, assets are listed by ___?
A. The importance of the asset
B. their date of purchase
C. the order of liquidity
D. The value of the assets
Chapter 5 Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Explain what a material amount is.Ch. 5 - What basis of accounting (cash or accrual) does...Ch. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - For property, plant, and equipment, as reported on...
Ch. 5 - Briefly explain the major classifications of...Ch. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - If average total assets increase, but net income,...Ch. 5 - Prob. 2MCQCh. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Prob. 8MCQCh. 5 - Prob. 9MCQCh. 5 - Prob. 10MCQCh. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 5 - Prob. 5.3MECh. 5 - Prob. 5.4MECh. 5 - Determining Financial Statement Effects of Sales...Ch. 5 - Prob. 5.6MECh. 5 - Prob. 5.7MECh. 5 - Matching Players in the Accounting Communication...Ch. 5 - Prob. 5.2ECh. 5 - Finding Financial Information: Matching...Ch. 5 - Prob. 5.4ECh. 5 - Preparing a Classified Balance Sheet Campbell Soup...Ch. 5 - Prob. 5.6ECh. 5 - Preparing a Classified (Multiple-Step) Income...Ch. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.11ECh. 5 - Stock Issuances and the Statement of Stockholders...Ch. 5 - Prob. 5.13ECh. 5 - Prob. 5.14ECh. 5 - Prob. 5.15ECh. 5 - Prob. 5.16ECh. 5 - Prob. 5.17ECh. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Matching Transactions with Concepts Following are...Ch. 5 - Matching Definitions with Balance Sheet-Related...Ch. 5 - Prob. 5.3PCh. 5 - Prob. 5.4PCh. 5 - Preparing a Classified (Multiple-Step) Income...Ch. 5 - Prob. 5.6PCh. 5 - Determining and Interpreting the Effects of...Ch. 5 - Determining the Effects of Transactions on Ratios...Ch. 5 - Prob. 5.9PCh. 5 - Prob. 5.1APCh. 5 - Preparing a Statement of Stockholders' Equity...Ch. 5 - Prob. 5.3APCh. 5 - Prob. 5.4APCh. 5 - Evaluating the Impact of Transactions on Statement...Ch. 5 - Prob. 5.2CONCh. 5 - Finding Financial Information Refer to the...Ch. 5 - Finding Financial Information Refer to the...Ch. 5 - Prob. 5.3CPCh. 5 - Prob. 5.4CPCh. 5 - Prob. 5.5CPCh. 5 - Prob. 5.6CPCh. 5 - Prob. 5.7CP
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- Which of the following describes how assets are listed onthe balance sheet?a. In alphabetical order.b. In order of magnitude, lowest value to highestvalue.c. In the order they will be used up or turned intocash.d. From least current to most currentarrow_forward"Accrued interest income" would normally appear in the financial statement under *Current assetsNoncurrent assetsRevenueEquityarrow_forwardThe following are the typical classifications used in a statement of financial position : a.       Current assets b.      Investments and funds c.       Property, plant, and equipment d.      Investment property e.       Intangible assets f.       Current liabilities g.       Long-term liabilities h.      Issued capital i.        Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1.      …. .…….Prepaid insurance 2.      ……….. Note payable due in three months 3.      ………. Unearned rent revenue 4.      ……….. Income less dividends, accumulated 5.      ………. Building, in usearrow_forward
- The following are the typical classifications used in a statement of financial position : a.       Current assets b.      Investments and funds c.       Property, plant, and equipment d.      Investment property e.       Intangible assets f.       Current liabilities g.       Long-term liabilities h.      Issued capital i.        Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1.      …. .…….Prepaid insurance 2.      ……….. Note payable due in three monthsarrow_forwardThe following are the typical classifications used in a statement of financial position : a.       Current assets b.      Investments and funds c.       Property, plant, and equipment d.      Investment property e.       Intangible assets f.       Current liabilities g.       Long-term liabilities h.      Issued capital i.        Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter  3.      ………. Unearned rent revenue 4.      ……….. Income less dividends, accumulated 5.      ………. Building, in usearrow_forwardList the valuation techniques currently used for the following items on the balance sheet and discuss why. Asset                                                 Measurement Basis Cash                                                  Accounts receivable                         Marketable securities                       Inventory                                          Investments                                      Property, plant, and equipment        Noncurrent liabilitiesarrow_forward
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- Indicate where each of the following items is reported on financial statements. Choose from the followingcategories: (a) current assets, (b) long-term investments, (c) current liabilities, (d) long-term liabilities,(e) other revenues and gains, ( f ) other expenses and losses, and (g) equity. Unrealized gain on available-for-sale securitiesarrow_forwardDistinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as: C . a liquidity-based balance sheetarrow_forwardThe following classification scheme typically is used in the preparation of a balance sheet: a. Current assets b. 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 Required: Using the letters above and the format below, indicate the balance sheet category from the dropdown listing in which an entity typically would place each of the following items. Contra accounts should be indicated by the corresponding dropdown choice shown with parentheses. (If an Item relates to more than one balance sheet category, select the dropdown option that represents all applicable categories.) 1. Long-term receivables 2. Accumulated amortization 3. Current maturities of long-term debt 4. Notes payable (short-term) 5. Accrued payroll taxes 6. Leasehold improvements 7. 8. Machinery 9. Common stock 10. Short-term investments 11. Deferred tax liability Retained earnings appropriated for…arrow_forward
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