Balance Sheet: Instructions: The following lettered items represent a classifica

Question

Balance Sheet: Instructions: The following lettered items represent a classification scheme for a Balance Sheet, and the numbered items represent accounts. Using the scantron form provided, darken the letter indicating which category it belongs in. (You may use a letter more that once). Current Asset Plant Asset (Fixed Assets) Current Liability Long-Term Liability Stockholders' Equity Unearned Professional Fees Interest Payable Machinery and Equipment Retained Earnings Accumulated Depreciation Prepaid Insurance Furniture Mortgage Note Payable due in 20 years Notes Receivable due in 30 days Common Stock Office Supplies

Explanation / Answer

a) Current assets 86 prepaid Insurance 89 Note Receivable Due in 30 days 91) Office Supplies b) Plant assets(Fixed assets) 83 machinery & Equipment 85 Accumulated Depreciation 87 Furniture c) Current Liability 81 Unearned Professional Services 82 Interest payable d) Long Term Liability 88 Mortgage Notes payable e) Stockholder Equity 84 Retained earnings 90 Common Stock Assets and liabilty less than 1 year is considered current assets/current liabilities More than one year is Long term Asset/Long term Liability

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