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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

A classified balance sheet groups similar items, such as current assets together.

To determine

Identify whether the given statement is true or false.

Explanation

Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ equity are categorized or classified further into sections, and sub-sections in a classified balance sheet. Assets are further classified as current assets, long-term investments, property, plant, and equipment (PPE), and intangible assets. Liabilities are classified into two sections current and long-term. Stockholders’ equity comprises of common stock and retained earnings. Thus, the classified balance sheet includes all the elements under different sections.

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

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