1/5/2018 Assignment Print View

Score: 14.82/20 Points 74.10 %

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1/5/2018 Assignment Print View
 
1. Award: 2 out of 2.00 points
 

The following are the typical classifications used in a balance sheet:

a. Current assets f. Current liabilities

b. Investments and funds g. Long-term liabilities
c. Property, plant, and equipment h. Paid-in-capital
d. Intangible assets i. Retained earnings
e. Other assets

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. a  Inventories

2. f  Accounts payable 11. d  Patent
3. -a  Allowance for uncollectible accounts 12. c  Land, in use
4. b  Land, held for investment 13. f  Accrued liabilities
Prepaid rent for the next 9
5. g  Note payable, due in 5 years 14. a 
months
Deferred rent revenue for the next 12
6. f  15. h  Common stock
months
7. f  Note payable, due in 6 months 16. c  Building, in use
8. i  Income less dividends, accumulated 17. a  Cash
9. b  Investment in XYZ Corp., long-term 18. f  Taxes payable

References

Matching Learning Objective: 03-02

Identify and describe the
various asset classifications.

Difficulty: 1 Easy Learning Objective: 03-03

Identify and describe the
various liability and
shareholders' equity
classifications.

The following are the typical classifications used in a balance sheet:

a. Current assets f. Current liabilities

b. Investments and funds g. Long-term liabilities
c. Property, plant, and equipment h. Paid-in-capital
d. Intangible assets i. Retained earnings
e. Other assets

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.)

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1/5/2018 Assignment Print View

1. c Equipment 10. a Inventories

2. f Accounts payable 11. d Patent
3. -a Allowance for uncollectible accounts 12. c Land, in use
4. b Land, held for investment 13. f Accrued liabilities
5. g Note payable, due in 5 years 14. a Prepaid rent for the next 9 months
6. f Deferred rent revenue for the next 12 months 15. h Common stock
7. f Note payable, due in 6 months 16. c Building, in use
8. i Income less dividends, accumulated 17. a Cash
9. b Investment in XYZ Corp., long-term 18. f Taxes payable

 
Explanation:

No further explanation details are available for this problem.

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