d. the following are the typycal classifactions used in a blance sheet a. curren

Question

d. the following are the typycal classifactions used in a blance sheet

a. current assets

b. investments and funds

c. property plant and equipment

d. intaggible assets

e. other assets

f. currents liabilites.

g. long term liabilites

h. paid in capital

I. retained eaarnings   

required for each of the following balance sheets items use the above letters to indicate the appropiate classifaction category if the item is a contra account place a minus sign before the chosen letter

1 equipment 2 accounts payable 3 allowance for uncollectable accounts 4 land held for investment 5 note payable due in 5 years 6 deffered rent revenue 7 note payable due in 6 months 8 income less divedends 9 investment in xyz corp long term 10 inventories 11 patent `12 land in use 13 acrued liabilies 14 pepaid rent 15 commons stock 16 building 17 cash 18 taxes payable.

Explanation / Answer

classification 1 Equipment Property plant and equipment 2 Accounts Payable Current Liabilities 3 Allowances for uncollectible Accounts -Current Assets 4 Land held for Investment Investment and funds 5 Note payable due in 5 years Long term liabilities 6 Deferred rent revenue Current Liabilities 7 Note payable due in 6 months Current Liabilities 8 Income less dividends Retained earnings 9 Investment in xyz Corp long term Investment and funds 10 Inventories Current Assets 11 Patent Intangible Asset 12 Land in use Property plant and equipment 13 Accrued Liabilities Current Liabilities 14 Prepaid Rent Other Assets 15 Common Stock Paid in capital 16 Building Property plant and equipment 17 Cash Current Assets 18 Taxes Payable Current Liabilities

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