Presented below die d number of balance sheet accounts at Cunningham, Inc. For e

Question

Presented below die d number of balance sheet accounts at Cunningham, Inc. For each at the accounts below, Investment in Preferred Stock. Treasury Stock. Common Stock. Dividends Payable. Accumulated Depreciation-Equipment. Construction m Process (Constructed for another party). Construction in Process (Constructed for the use of Cunningham, Inc.). Petty Cash. Interest Payable. Deficit. Equity Investments (trading). Income Tax Payable. Unearned Subscription Revenue. Work in Process. Vacation Wages Payable.

Explanation / Answer

1. investment in preferred stock = Long term investment

2. Treasury stock =    Shareholders equity

3. Common stock =    Shareholders equity

4. dividend payable = Current liabilities

5. Accumulated depreciation - equipment = Property plant & equipment

6. construction in progress (constructed for another party) = Current assets

7. construction in progress (For own use ) = Property, plant & equipment

8. Petty cash = Current assets

9. Interest payable = Current liabilities

10. Deficit = Shareholders equity

11. Equity investment (trading) = Current assets

12. Income tax payable = Current liabilities

13. Unearned subscription revenue = Current liabilities

14.Work in progress = Current assets

15. Vacation wages payable = Current liabilities

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