Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 4, Problem 9QS
Classifying balance sheet items C3
The following are common categories on a classified balance sheet.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
For each of the following items, select the letter that identifies the balance sheet category' where the item typically would best appear.
| 1. | Land held for future expansion |
| 2. | Notes payable (due in five years) |
| 3. | Accounts receivable |
| 4. | Trademarks |
| 5. | Accounts payable |
| 6. | Store equipment |
| 7. | Wages payable |
| 8. | Cash |
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QUESTION 10
Which of the following in accounts would be classified as current assets on the balance sheet?
a.
Accounts receivable, inventory, cash equivalents
b.
Pre-paid expenses, goodwill, long term investments
C. Property, plant and equipment, inventory and goodwill
d. Marketable securities, accounts payable, property plant and equipment
On a classified statement of financial position,
current assets are customarily listed?
a. in the reverse order of liquidity
b. in alphabetical order
Oc. in the order of acquisition
d. with the largest dollar amounts first
The following are the typical classifications used in a balance sheet:
Current assets
b. Investments
c. Property, plant, and equipment
d. Intangible assets
e. other assets
f. Current liabilities
g. Long-term liabilities
h. Paid-in capital
i. Retained earnings
a.
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. ſa
Inventory
ces
2. t
Accounts payable
11.
Patent
3. lа
Allowance for uncollectible accounts
Land (used in operations)
a
12.
4. b
Land (held for investment)
13.
Accrued liabilities (due in 6 months)
5. g
Notes payable (due in 5 years)
14.
Prepaid rent (for the next 9 months)
6.
Deferred revenue (for the next 12 months)
15. h
Common stock
7. f
Notes payable (due in 6 months)
16.
Building (used in operations)
8. i
vAccumulated amount of net income less dividends
17. a
Cash
9. b
Investment in XYZ…
Chapter 4 Solutions
Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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