College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 12, Problem 5E
To determine
Identify the given items of
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Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
1. Notes receivable (due in 2 years)
2. Interest payable (due in 1 week)
3. Long-term investment in stock
4. Wages payable
5. Trademarks
6. Salaries payable
7. Merchandise inventory
8. Prepaid Insurance (expires in 5 months)
9. Rental revenue
10. Unearned revenue
Classification
Account Title
11. Accounts receivable
12. Accounts payable
13. Short-term investments
14. Taxes payable (Due in 5 weeks)
15. Supplies
16. Goodwill
17. Office supplies
18. Franchises
19. Store supplies
20. Copyrights
Classification
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
1. Trucks
2. Mortgages payable (due in 6 years)
3. Automobiles
4. Notes payable (due in 3 years)
5. Utilities expense
6. Services revenue
7. Notes receivable (due in 2 years)
8. Interest payable (due in 1 week)
9. Long-term investment in stock
10. Wages payable
Classification
Account Title
11. Office supplies
12. Salaries payable
13. Merchandise inventory
14. Supplies
15Rental revenue
16. Unearned revenue
17. Accounts receivable
18. Accounts payable
19. Short-term investments
20. Taxes payable (Due in 5 weeks)
Classification
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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- Common categories of a classified balance sheet Include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, Identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrightsarrow_forwardFor each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Suppliesarrow_forwardCommon categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Trademarks 3. Cash 4. Patents 5. Interest receivable 6. Machinery 7. Prepaid rent (2 months of Rent) 8. Equipment 9. Repairs expense 10. Land Classification Account Title 11. Depreciation expense Building 12. Office equipment 13. Prepaid Insurance (expires in 5 months) 14. Buildings 15. Bonds payable (due in 10 years) 16. Trucks 17. Mortgages payable (due in 6 years) 18. Automobiles 19. Notes payable (due in 3 years) 20. Utilities expense Classificationarrow_forward
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