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In: Accounting

Typical balance sheet classifications are as follows. a. Current Assets       b. Long-term Investments    ...

Typical balance sheet classifications are as follows.

a. Current Assets       b. Long-term Investments     c. Property Plant & Equipment       d. Intangible Assets   

e. Other Assets                   f. Current Liabilities            g. Long-Term Liabilities          h. Capital Stock           

i. Additional Paid-In Capital        j. Retained Earnings                       k. Notes to Financial Statements

Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December 31, 2014. If a contra account, or any amount that is negative or opposite the normal balance, put parentheses around the letter selected. A letter may be used more than once or not at all.

1) Accrued salaries and wages

2) Rent revenues for 3 months collected in advance

3) Land used as plant site

4) Equity securities classified as trading

5) Cash

6) Accrued interest payable due in 30 days

7) Common stock at par value

8) Details of restrictions by bond payables

9) Depreciation methods

10) Allowance for doubtful accounts

11) Accumulated deficit

12) Goodwill

13) 90 day notes payable

14) Investment in bonds of Gap. Inc, due 2022

15) Prepaid expense

16) Current maturity of bonds payable

17) Copyright

18) Accumulated depreciation-equipment

Solutions

Expert Solution

1. Accrued salaries and wages: f.Current liabilities

2. Rent revenue for 3 months collected in advance: a. Current assets

3. Land used as plant site: c. Property plant & equipment

4. Equity securities classified as trading: a. Current assets

5. Cash: a. Current assets

6. Accrued interest payable due in 30 days: f. Current liabilities

7. Common stock at par value: h. Capital stock

8. Details of restrictions by bonds payable: k. Notes to financial statements

9. Depreciation methods: k. Notes to financial statements

10. Allowance for doubtful debts: (a. Current assets)

11. Accumulated deficit: j. Retained earnings

12. Goodwill: d. Intangible assets

13. 90 Days notes payable: f. Current liabilities

14. Investment in bonds of Gap Inc, due 2022: b. Long term investments

15. Prepaid expense: a. Current assets

16. Current maturities of bonds payable: f. Current liabilities

17. Copyright: d. Intangible assets

18. Accumulated depreciation - equipment: (c. Property plant & equipment)

ekkarill92 answered 1 year ago
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