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

ekkarill92 answered 1 year ago

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