tpx 2.14 points M2-5 Identifying Accounts on a Classified Balance Sheet and Thei

Question

tpx 2.14 points M2-5 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balance According to a recent report of Hasbro, Inc., the company is "a worldwide leader in children's and family layskool, and Parker Brothers Required: and toys. Hasbro produces products under several brands including Tonka, Milton Bradey 1. & 2. The following are several of the accounts from a recent balance sheet Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent assetCL for current lability. NCL for noncurrent liabilty, and SE for stockholders' equity. Also indicate whether the account normally has a debit or credit balance 1. Accounts Receivable 2. Short-term Bank Loar 3 Contributed Capital 4 Long term Debt 5 Income Taxes Payable 6 Property, Plant, and Equipment 7 Retained Eamings 8 Accounts Payable 9 Cash

Explanation / Answer

Category Normal Balance 1 Accounts Receivable CA Debit 2 Short term bank loan CL Credit 3 Contributed capital SE Credit 4 Logn term debt NCL Credit 5 Income tax payable CL Credit 6 Property plant equipment NCA Debit 7 Retained Earning SE Credit 8 Accounts payable CL Credit 9 Cash CA Debit

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