Question

In: Accounting

To be in good form, a balance sheet should be broken down into specific sections. Which...

To be in good form, a balance sheet should be broken down into specific sections. Which of the following is the correct order for the asset sections to appear on a U.S. GAAP balance sheet?
Current Assets, Long-term Investments, PPE, Intangibles
Current Assets, Long-term Investments, Intangibles, PPE
Current Assets, PPE, Intangibles, Long-term Investments
Current Assets, PPE, Long-term Investments, Intangibles

Solutions

Expert Solution

Answer: Current Assets, Long-term Investments, PPE, Intangibles.

As per US GAAP, the following is the structure of Balance Sheet presentation:

Current Assets

Cash and cash items

Marketable securities

Accounts and notes receivable

Allowances for doubtful accounts and notes receivable

Unearned income

Inventories

Prepaid expenses

Other current assets

Total current assets

Noncurrent assets

Other investments

Property, plant and equipment

Accumulated depreciation

Intangibleassets

Amortization of intangible assets

Other assets

Total assets

Current liabilities

Accounts and notes payable

Other current liabilities

Total current liabilities

Noncurrent liabilities

Bonds, mortgages and other long-term debt

Other liabilities

Commitments and contingent liabilities

Stockholders' equity

Redeemable preferred stocks

Non-redeemablepreferred stocks

Common stocks

Other stockholders' equity

Noncontrolling interests

Totalliabilities and equity


Related Solutions

Complete, in good form, an Income Statement, Balance Sheet, and Statement of Cash Flows for the...
Complete, in good form, an Income Statement, Balance Sheet, and Statement of Cash Flows for the following transactions. Transactions: T1 Company issues $200,000 of common stock @ $8.00 per share. T2 Company issues preferred stock @ 7% for $22 per share. T3 The company borrows on April 1st, 1 million dollars @ 7% interest rate T4 On June 1st, The company purchases 15 taxi cabs for $20,000, 5% salvage value, 5-year life T5 Revenue for the whole year was $600,000...
Instructions Prepare a classified balance sheet in good form as of December 31, 2020. (Not all...
Instructions Prepare a classified balance sheet in good form as of December 31, 2020. (Not all items listed are needed to complete this problem.) Upload your completed template when you are finished. Bonds payable(due 2024) $1,443 Accumulated depreciation-equipment $3,655 Prepaid insurance 880 Accounts payable 1,444 Equipment 11,500 Notes payable (due 2025) 368 Long-term investments 764 N. Richman, Capital 15,563 Short-term investments 3,690 Accounts receivable 2,696 Notes payable (due 2021) 981 Inventory 1,756 Cash 3,168 Consulting revenues 17,500 Salaries expense 7,225...
Sanford Company 4.   Develop a balance sheet in good form as of March 31, 20x3 for...
Sanford Company 4.   Develop a balance sheet in good form as of March 31, 20x3 for Sanford Company. The Sanford Company had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific accounts. Sanford Company Balance Sheet December 31, 20x2 ASSETS LIABILITIES Cash $ 57,000 Accounts Payable $ 34,000 Marketable Securities 8,000 Wages Payable 11,500 Accounts Receivable 73,000 Taxes Payable 8,000 Uncollectible Accounts...
List the corrections needed to present in good form the balance sheet below. Errors include misclassifications,...
List the corrections needed to present in good form the balance sheet below. Errors include misclassifications, lack of adequate disclosure, and poor terminology. Do not concern yourself with the arithmetic. If an item can be classified in more than one category, select the category most favored by the authors of your textbook. Tanner Corporation Balance Sheet For the year ended December 31, 2018 Assets Current Assets: Cash $18,000 Equity investments-trading (fair value, $32,000) $27,000 Accounts receivable $75,000 Inventory $60,000 Supplies...
prepare a trial balance in good form
The following accounts are taken from the ledger of chillin company at December 31,2014 200 Notes payable R$20,000                            101 Cash          R$6,000 311 Share capital - ordinary 25,000                  126  Supplies      5,000 157 Equipment - 76,000                                    729  Rent...
Under anaerobic conditions, glucose is broken down in muscle tissue to form lactic acid according to...
Under anaerobic conditions, glucose is broken down in muscle tissue to form lactic acid according to the reaction: C6H12O6 → 2 CH3CHOHCOOH Use data from the 'official' tables available in the BCH341 website in addition to the heat capacities for glucose and lactic acid given below: Assume all heat capacities are constant from T = 298 K to T = 310 K. For glucose,  Cop,m=218.2JK.mol For lactic acid,  Cop,m=127.6JK.mol Note: All thermodynamic quantities in this problem are per mol of glucose. Be...
Under anaerobic conditions, glucose is broken down in muscle tissues to form lactic acid according to...
Under anaerobic conditions, glucose is broken down in muscle tissues to form lactic acid according to the reaction, C6H12O6(s) → 2CH3CHOCOOH(s). Thermodynamic data for glucose and lactic acid at 298 K are given below. ΔHfº (kJ/mol) Cp.m (J/mol∙K) Smº (J/mol∙K) Glucose −1273.1 219.3 209.2 Lactic Acid −673.6 127.6 192.1 (a) Calculate ΔS for the system, surrounding and universe at T = 325 K. Assume the heat capacities are constant between 298 K and 325 K. (b) Is this reaction spontaneous...
The followings are related to the ‘’Synthesis of Nickel Nanowires’’ which are broken down into 4...
The followings are related to the ‘’Synthesis of Nickel Nanowires’’ which are broken down into 4 related questions. a ) Draw a schematic diagram of the synthesis of nickel nanowires by electrodeposition. Identify the anode and the cathode in the experimental setup. b) What are the corresponding half-reactions occurring at the anode and at the cathode? c) What determines the final dimensions of the nanowires? d) How are the nanowires separated from the template? Note: Please answer clearly and at...
Prepare in good form: an Income Statement, Statement of Owner’s Equity 2. Classified Balance Sheet, 3....
Prepare in good form: an Income Statement, Statement of Owner’s Equity 2. Classified Balance Sheet, 3. Calculate the Current Ratio and prepare the Closing Entries in a general journal Question #1 – 35 Marks The following is the adjusted trial balance for Reid Tax and Accounting Services for the year ended December 31, 2017 Reid Tax and Accounting Services Adjusted Trial Balance December 31, 2017 Account Title Dr Cr Accounts payable 6,300 Accounts Receivable 9,000 Accumulated Depreciation Building 41,000 Accumulated...
Prepare in good form: an Income Statement, Statement of Owner’s Equity 2. Classified Balance Sheet, 3....
Prepare in good form: an Income Statement, Statement of Owner’s Equity 2. Classified Balance Sheet, 3. Calculate the Current Ratio and prepare the Closing Entries in a general journal Question #1 – 35 Marks The following is the adjusted trial balance for Reid Tax and Accounting Services for the year ended December 31, 2017 Reid Tax and Accounting Services Adjusted Trial Balance December 31, 2017 Account Title Dr Cr Accounts payable 6,300 Accounts Receivable 9,000 Accumulated Depreciation Building 41,000 Accumulated...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT